US Treasury Secretary Scott Bessent left a visible to-do list reading 'Buy Japanese Yen (JPY) $5-10 bil' during a press appearance, according to a photograph. The note is the third such forex intervention contemplated by the department, following a $20 billion intervention in Argentina and a planned cash line for the UAE, according to reports.
The Zioneer reported earlier today that a Reuters photograph captured a note on US Treasury Secretary Scott Bessent's desk reading 'Buy Japanese Yen (JPY) $5-10 bil'. New analysis from the Intelligence Desk places this note in a broader pattern: it is the third time the Trump Treasury has contemplated a forex intervention. The first was a $20 billion intervention to support Argentine President Javier Milei ahead of elections. The department also prepared a cash line for the UAE during the Iran war in April. The Bank of Japan has spent over $126 billion defending the yen in the last two years, with previous interventions proving ineffective.
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