U.S. Treasury Secretary Scott Bessent was photographed at Camp David with a handwritten notepad outlining plans to purchase $5 billion to $10 billion in Japanese yen, according to a Reuters image captured during a cabinet meeting. The visible note emerged shortly after Reuters reported that the Treasury had alerted banks to a potential intervention in foreign exchange markets.
Camp David Notepad Reveals Intervention Plans
Treasury Secretary Scott Bessent’s shoulder captured a handwritten to-do list. According to Reuters, the notepad displayed the underscored instruction to “Buy Japanese Yen (JPY) $5-10 bil.” The photograph, recorded at 11:33 a.m. A U.S. Treasury spokesperson did not immediately respond to Reuters requests for comment regarding the notepad or whether an actual intervention occurred.
Market Impact and Currency Fluctuations
The visible memo followed earlier morning reports from Reuters, citing a source familiar with the situation, that the Treasury had notified financial institutions of a possible intervention in the currency market. According to LSEG data cited by Reuters, the Japanese yen experienced a notable strengthening during the late afternoon session. The U.S. dollar dropped from approximately 158.9 yen at 4:14 p.m. to roughly 157.6 yen just before 5:00 p.m., marking a decline of about 0.8%. Japanese authorities had previously intervened earlier in the Tokyo trading day to support their currency’s value against the dollar.
Historical Context of U.S. Currency Interventions
According to historical records, the Treasury has not intervened to prop up the yen since 2011. That prior intervention involved a coordinated action alongside other G7 economies following a devastating earthquake and tsunami in Japan.
Did you know? The last time the U.S. Treasury joined G7 partners to intervene in support of the Japanese yen was in 2011, following a major natural disaster in Japan.
Frequently Asked Questions
What did Scott Bessent’s notepad reveal at Camp David?
According to a Reuters photograph, the notepad displayed the handwritten note: “To Do Buy Japanese Yen $5-10 bil.”
When was the last time the U.S. Treasury intervened in the yen market?
According to historical records, the U.S. Treasury last intervened in 2011 alongside G7 nations.
How did the yen react to the reports?
LSEG data shows the U.S. dollar dropped from about 158.9 yen to roughly 157.6 yen during late afternoon trading following the reports.
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