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Treasury Secretary Scott Bessent Discloses Plan for U.S. Purchase of Japanese Yen
Just the facts
A photograph captured by Reuters during the executive meeting showed Bessent's notepad with a handwritten list explicitly referencing the multi-billion dollar yen acquisition. Following the photograph's publication, financial market reports indicated that the Federal Reserve Bank of New York conducted foreign exchange operations selling euros to buy yen on behalf of the U.S. Department of the Treasury. The disclosure coincided with efforts by Japanese financial authorities to stabilize the yen after it experienced significant currency depreciation against the dollar. The currency intervention marks the first major Treasury action involving the Japanese yen since a coordinated G7 effort in 2011.
Why this is news
U.S. Treasury Secretary Scott Bessent inadvertently exposed confidential financial plans on a handwritten note during a cabinet meeting at Camp David on July 31, 2026. The note outlined a proposal for the United States to purchase between $5 billion and $10 billion in Japanese yen.
Sources
This summary is compiled strictly from the original reporting below.