U.S. Treasury Secretary Scott Bessent attends a Cabinet meeting at Camp David, where a handwritten note suggested possible plans to purchase Japanese yen.

Bessent Note Suggests Possible US Purchase of Japanese Yen

CAMP DAVID, Maryland — July 31, 2026

A handwritten note visible during a U.S. Cabinet meeting suggests Treasury Secretary Scott Bessent was considering buying between $5 billion and $10 billion worth of Japanese yen, raising fresh speculation about possible U.S. action to support Japan's currency.

The note, photographed during the public portion of the meeting at Camp David, showed a simple "To Do" list with the handwritten entry: "Buy Japanese Yen (JPY) $5–10 bil." The image was taken at approximately 11:33 a.m. Eastern Time.

The Treasury Department did not immediately comment on the note or confirm whether any currency market intervention took place.

Earlier the same day, banks had been informed that the U.S. Treasury might intervene in the foreign exchange market to support the yen, according to a source familiar with the matter. The warning came after Japanese authorities had already entered the market to strengthen their currency during trading in Tokyo.

Later in the day, the yen strengthened further against the U.S. dollar. Market data showed the dollar fell from about 158.9 yen to 157.6 yen within less than an hour during afternoon trading, representing a gain of roughly 0.8% for the Japanese currency.

Currency intervention involves a central bank or government buying or selling currencies to influence exchange rates. A stronger yen can help reduce the cost of imports for Japan but may make its exports less competitive overseas.

If the United States participated in market operations, it would mark the first U.S. intervention to support the yen since 2011, when Washington joined other Group of Seven (G7) nations in coordinated action following Japan's devastating earthquake and tsunami.

At the time of publication, U.S. officials had not confirmed whether the handwritten note reflected a planned transaction, an internal discussion or action that had already been taken.