A photograph taken by Reuters during a US cabinet meeting has revealed what appears to be a handwritten note by Treasury Secretary Scott Bessent indicating the administration was considering purchasing between $5 billion and $10 billion worth of Japanese yen.
The image, captured during the public portion of President Donald Trump's cabinet meeting at Camp David on July 31, shows a notepad beside Bessent bearing the underlined heading "To Do," followed by the handwritten entry: "Buy Japanese Yen (JPY) $5-10 bil."
According to Reuters, no other text was visible on the notepad, which was photographed at 11:33 a.m. ET.
The revelation came after Reuters reported earlier that day, citing a source familiar with the matter, that the US Treasury had informed several banks it might intervene in the yen market on July 31.
A spokesperson for the US Treasury did not immediately respond to Reuters' request for comment on the contents of the note or whether the department had intervened to support the Japanese currency.
Japanese authorities had already taken action earlier on July 31 to bolster the yen, contributing to a sharp appreciation of the currency during trading in Tokyo.
Market data from LSEG also showed another significant strengthening of the yen later in the day, with the US dollar falling from around 158.9 yen at approximately 4:14 p.m. to about 157.6 yen shortly before 5:00 p.m., a decline of roughly 0.8%.
According to Reuters, the United States has not intervened to support the yen since 2011, when it joined other G7 nations in a coordinated currency operation following Japan's devastating earthquake and tsunami.
By Sabina Mammadli
