Treasury Secretary Scott Bessent revealed plans to purchase $5 billion to $10 billion in Japanese yen during a cabinet meeting.
Treasury Secretary Scott Bessent revealed plans to purchase $5 billion to $10 billion in Japanese yen during a cabinet meeting at Camp David. The plan was revealed through as scribbled "To Do" list on a notepad left visible to a Reuters photographer during the meeting. This action follows a period where the yen dipped to its weakest level since 1986, driven by factors such as rising oil prices. The US treasury department notified banks that it could intervene in the yen market on Friday, and the Japanese authorities also stepped in to strengthen the currency. The US treasury has not intervened to prop up the yen since 2011, marking a significant move to stabilize the currency against the dollar. Data shows the dollar dropped from approximately 158.9 yen to 157.6 yen during the late afternoon, reflecting the impact of the currency market movements.