A notepad belonging to US Treasury Secretary Scott Bessent has drawn attention after a Reuters photograph captured during a Cabinet meeting at Camp David appeared to show a handwritten reminder about purchasing between $5 billion and $10 billion worth of Japanese yen. The image surfaced as reports emerged that the US Treasury had alerted banks about a possible intervention in the currency market.
The photograph, taken by Reuters at 11:33 a.m. EDT on Friday during the public portion of President Donald Trump’s Cabinet meeting, showed a notepad placed in front of Bessent. Under the heading “To Do”, the note read: “Buy Japanese Yen (JPY) $5-10 bil.”
Reuters photo raises questions over possible market intervention
The image was captured over Bessent’s shoulder, with his nameplate clearly visible above the notepad. Reuters reported that the Treasury secretary’s note contained no other visible writing.
The photograph appeared just hours after Reuters reported that the US Treasury had informed several banks that it could intervene in the Japanese yen market on Friday. The report cited a source familiar with the matter.
Following publication of the image, a US Treasury spokesperson did not immediately respond to Reuters’ request for comment regarding the contents of the notepad or whether any intervention had actually taken place.
Japanese authorities had already acted to support the yen
Earlier on Friday, Japanese authorities intervened in Tokyo to support the value of the yen, leading to a noticeable strengthening of the currency during local trading hours.
Market data from LSEG, cited by Reuters, indicated another significant move later in the day. The US dollar fell from around 158.9 yen at approximately 4:14 p.m. to about 157.6 yen shortly before 5:00 p.m., representing a decline of roughly 0.8% against the Japanese currency.
Although the market movement coincided with reports of possible US action, no official confirmation was issued by the Treasury regarding intervention.
US intervention would mark a rare move
If the United States did intervene to support the Japanese currency, it would represent the first such action since 2011, when the US joined other G7 nations in a coordinated effort following the devastating earthquake and tsunami that struck Japan.
Currency interventions by the US Treasury are relatively uncommon and are generally reserved for exceptional market conditions or carried out in coordination with international partners.
Focus remains on Treasury’s next move
As of Friday, the US Treasury had not confirmed whether it purchased Japanese yen or taken any direct action in the foreign exchange market. The Reuters photograph and earlier report have nevertheless intensified market attention, with investors closely watching for any official announcement regarding US currency policy.
Until further confirmation is provided, the contents of Bessent’s handwritten note remain one of the strongest public indications that US officials were considering a possible intervention to support the Japanese yen.
Source: Reuters
