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Photographed Notepad Reveals U.S. Treasury Proposal to Buy Japanese Yen
Just the facts
The photograph, captured by a Reuters photographer over Bessent's shoulder, displayed a Camp David notepad listing a line item to buy $5 billion to $10 billion in Japanese yen (JPY). The visible note emerged after the yen dropped to its weakest exchange level against the U.S. dollar since 1986, driven in part by elevated energy prices. Prior to the meeting, the U.S. Treasury had notified financial institutions of potential market interventions to support the Japanese currency. Following the publication of the photograph, market data showed the dollar falling roughly 0.8% against the yen in late-afternoon trading.
Why this is news
A photograph taken during a cabinet meeting at Camp David revealed handwritten notes on U.S. Treasury Secretary Scott Bessent's notepad indicating a proposal for the U.S. to purchase $5 billion to $10 billion worth of Japanese yen.
Sources
This summary is compiled strictly from the original reporting below.