'Buy $5-10 billion yen': Bessent's note hints at US plan to back Japan's currency
A photograph from a US cabinet meeting suggests the US Treasury is considering purchasing $5-10 billion in Japanese yen to support the currency. This potential intervention, alongside reports of coordinated market operations, marks a significant shift in US-Japan financial policy.
Why it matters
Direct intervention in currency markets by the US is rare and signals a major effort to stabilize the yen and manage global economic volatility.
The latest addition to the United State’s to-do list is Japanese currency, yen.Signs that Washington was preparing to back Japan's currency came to light on Friday after a photograph from US President Donald Trump's cabinet meeting at Camp David showed US treasury secretary Scott Bessent weighing purchases of between $5 billion and $10 billion worth of yen.The Reuters photograph, taken during an on-the-record portion of the meeting, showed Bessent's notepad carrying the underlined heading "To Do" and a single entry reading: "Buy Japanese Yen (JPY) $5-10 bil."
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in