Bessent 'to-do' list shows proposal for US to buy $5bn-$10bn of Japanese yen

A potentially significant financial maneuver by the U.S. Treasury was inadvertently revealed when Secretary Scott Bessent's handwritten to-do list was photographed during a cabinet meeting at Camp David. The list clearly stated a directive: 'Buy Japanese Yen (JPY) $5-10 bil.'

The image, captured by a Reuters photographer during a portion of the meeting open to the press, showed the note positioned directly below Bessent's name card. The photograph was taken at 11:33 a.m. local time on Friday.

A Treasury spokesperson did not immediately comment on the contents of the notepad or confirm whether the department had intervened to support the yen's value against the dollar on that day. This lack of immediate confirmation leaves the intention behind the noted transaction ambiguous.

Earlier on Friday, Reuters reported, citing an unnamed source, that the Treasury Department had informed several banks of a potential intervention in the yen market. This news preceded the sighting of Bessent's note. Japanese authorities had already taken steps to bolster the yen earlier in the day, leading to a substantial strengthening of the currency during early trading hours.

Further evidence of yen strengthening emerged later in the afternoon. Data from LSEG indicated that the dollar's value against the yen dropped from approximately 158.9 yen around 4:14 p.m. ET to about 157.6 yen just before 5 p.m., marking a decrease of about 0.8%. The U.S. Treasury's last intervention to support the yen occurred in 2011, in coordination with other G7 nations, following a devastating earthquake and tsunami in Japan.