US Treasury stepped into the yen market on Friday, selling euros to buy yen in a joint intervention with Japan for the first time in 30 years. Bessent's notebook, caught on camera, even lists a $5-10B yen buy.

What happened

Photographs taken by Reuters during a Cabinet meeting at Camp David on Friday show US Treasury Secretary Scott Bessent's notepad, visible beneath his nameplate, with a to-do item reading 'Buy yen 50-100 billion dollars.' The image was captured at 11:33 am ET during the open press portion of the meeting. A Treasury spokesperson declined to comment on the contents of the notebook or on whether intervention was carried out on Friday.

Why it matters for the market

Separately, the Financial Times reported that the Treasury intervened in the yen market on Friday, marking what would be the first joint US-Japan operation in nearly 30 years to support the yen through direct purchases. Three people familiar with the matter said the New York Fed executed the unusual trade on behalf of the Treasury, selling euros to buy yen. Two of the sources said the transactions were routed through Goldman Sachs and Morgan Stanley.

According to the FT report, the Treasury had informed several Wall Street banks beforehand that it was considering intervening in the yen. The last US intervention in the yen was in 2011, but that operation involved selling yen rather than buying it.

Treasury Secretary Bessent's alleged note and the reported intervention come as currency markets focus on policy divergence and the dollar's strength. A move by Washington to directly purchase yen would be a rare step, and if confirmed, could influence cross-asset volatility.

What traders should watch

For intraday speculative trading, news of coordinated currency action can shift risk appetite and dollar liquidity conditions. While the direct crypto link is indirect, episodes of sharp currency movement often coincide with broader swings in risk assets, including digital assets, as traders reassess positioning and funding dynamics.