Treasury Secretary Scott Bessent revealed a "to-do" list during President Donald Trump's cabinet meeting on Friday, July 31, 2026, indicating contemplation of U.S. purchases of $5 billion to $10 billion worth of Japanese yen. A Reuters photograph taken at Camp David during the meeting shows a notepad with the underscored words "To Do" followed by "Buy Japanese Yen (JPY) $5-10 bil."

The notepad was visible alongside Bessent's name card on the conference table. Treasury spokespersons did not immediately respond to requests for comment on the notepad's contents or whether the Treasury had intervened to support the yen's value against the dollar that day.

Earlier on the same morning, Reuters reported that the Treasury had notified several banks it might intervene in the yen market, citing a source familiar with the situation. Japanese authorities had already stepped in to prop up the yen in Tokyo, triggering a substantial strengthening of the currency during morning trading hours.

Data from LSEG showed the dollar dropped from about 158.9 yen at around 4:14 p.m. GMT to approximately 157.6 yen just before 5 p.m. GMT, a decline of about 0.8 percent. There appeared to be another sizeable strengthening of the yen against the dollar during the late afternoon.

The U.S. Treasury has not intervened to support the yen since 2011, when it joined other G7 countries in coordinated action following a devastating earthquake and tsunami in Japan.

Sources