Photo Shows Treasury Secretary Bessent’s Notepad Hinting at Possible Yen Purchase

A Reuters photograph taken during a cabinet meeting at Camp David on Friday appears to show US Treasury Secretary Scott Bessent’s handwritten to-do list, indicating he may be considering purchasing $5 billion to $10 billion worth of Japanese yen.

Notepad Captured During On-the-Record Meeting

The image, taken over Bessent’s shoulder during the meeting with President Trump, shows an underlined “To Do” heading followed by the words “Buy Japanese Yen (JPY) $5-10 bil.” No other notes appeared on the pad, and the photo was taken at 11:33 a.m. ET. A Treasury spokesperson did not immediately respond to questions about the notepad’s contents or whether any intervention had taken place.

Reports of Possible Intervention Preceded the Photo

Around two hours before the image was captured, Reuters reported that the Treasury had informed several banks it might intervene in the yen market that day. Separately, Japanese authorities had already acted earlier Friday in Tokyo to support the currency, triggering a notable strengthening of the yen during morning trading.

Yen Strengthens Further Later in the Day

Currency data showed another significant move in the afternoon, with the dollar falling from about 158.9 yen to roughly 157.6 yen between 4:14 p.m. and 5 p.m. ET, a drop of about 0.8%. If confirmed, direct US intervention would mark the first such move since 2011, when the Treasury joined other G7 nations in coordinated action following Japan’s earthquake and tsunami.