After Leaked Buy Yen Note, Bessent Explains U.S. Move to Save Japanese Currency
A photographer at Camp David caught Treasury Secretary Scott Bessent's notepad. It read "Buy Japanese Yen (JPY) $5-10 bil."
On Tuesday he explained the plan. Bessent told CNBC the US bought yen because the currency had fallen too far. The market is already pushing back.
Why the US Bought Yen for the First Time Since 1998
The yen had sunk to its weakest level since 1986. So Japan and the US stepped in and bought it, which pushes the price up.
Japan's Finance Ministry confirmed the move on Monday. Minister Satsuki Katayama said Tokyo bought yen "in coordination with the U.S. Department of the Treasury" on Friday. She added that Japan "will not hesitate to conduct further joint intervention."
The plan was not new. Both governments signed a statement last September agreeing to act together if the yen moved in a disorderly way. The notepad leaked the timing, not the policy.
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