US Treasury Secretary Scott Bessent appeared to reveal plans for a possible US Treasury Japanese yen intervention during a cabinet meeting at Camp David, Maryland, on Friday, July 31, 2026, after a Reuters photograph captured a handwritten note on his desk. The note, taken during an on-the-record portion of a meeting chaired by President Donald Trump, listed a “to do” item referring to the purchase of $5 billion to $10 billion worth of Japanese yen.
According to Reuters, the photograph was taken over Bessent’s shoulder at 11:33 a.m. ET (1533 GMT), with his name card visible directly above the notepad, confirming it belonged to him. The note contained no additional details beyond the yen purchase figures.
A US Treasury spokesperson did not immediately respond to a Reuters request for comment on the notepad’s contents or on whether the department had actually intervened in the currency market on Friday.
The development came roughly two hours after Reuters had separately reported, citing a source familiar with the matter, that the Treasury had notified several banks it may carry out a Japanese yen intervention that day. Japanese authorities had already acted earlier on Friday to support the yen in Tokyo trading, a move that led to a marked strengthening of the currency during the morning session, Reuters reported.
Market data cited by Reuters, sourced from LSEG, showed a further significant move in the currency pair later in the day. The dollar fell from around 158.9 yen at approximately 4:14 p.m. (2014 GMT) to about 157.6 yen shortly before 5 p.m. (2100 GMT), a decline of close to 0.8%, coinciding with the period after the notepad was photographed.
If confirmed, a direct US Treasury Japanese yen intervention would mark a significant shift in Washington’s currency policy. Reuters noted that the Treasury has not intervened to support the yen since 2011, when it joined other Group of Seven nations in coordinated action following the earthquake and tsunami that struck Japan that year. The move also comes at a time when broader questions about U.S. economic momentum are already in focus, after data this week showed the US economy grew at a 1.5% annual pace in the second quarter amid persistently high inflation.
Neither the Treasury nor the White House has issued an official statement confirming that a purchase took place or clarifying the intent behind the note. Bessent has not commented publicly on the matter, and Reuters said the contents of the notepad could not be independently verified beyond the photograph itself.
The episode unfolded against a backdrop of coordinated currency moves between Washington and Tokyo, with both governments appearing to act within hours of each other to support the yen. Analysts and traders will likely look for confirmation from the Treasury or the Bank of Japan in the coming days on whether formal intervention measures were carried out.
For now, the Reuters photograph remains the only public indication of the Treasury’s potential plans, with reporting by Daniel Heuer from Camp David and additional reporting by David Lawder.
News Source: Reuters (Daniel Heuer and David Lawder), citing LSEG market data.
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