US Treasury's Yen Purchase Plan: Bessent's Leaked To-Do List 2026

The US Treasury's yen purchase plan was accidentally exposed when Treasury Secretary Scott Bessent's handwritten to-do list, featuring a proposal to buy $5bn-$10bn in Japanese yen, was photographed at Camp David. This revelation has sent ripples through the forex market, highlighting potential US intervention to support the yen.

Bessent's Leaked To-Do List: A Market-Shaking Moment

During a cabinet meeting at Camp David on Friday, a Reuters photographer captured an image over Bessent's shoulder showing a notepad with the words "To Do" followed by "Buy Japanese Yen (JPY) $5-10 bil." The notepad was clearly visible for at least 30 minutes, even as Bessent spoke to praise the president. This accidental disclosure suggests the US Treasury may be actively considering or executing currency intervention.

The yen has been under severe pressure, dipping to its weakest level since 1986, driven by factors such as rising oil prices. Earlier on the same day, Reuters reported that the Treasury had notified banks of potential intervention, and Japanese authorities had already stepped in to prop up the currency. The leaked note adds a new layer of complexity to global forex dynamics.

Market Reaction and Confirmation of Intervention

Data from LSEG showed the dollar dropping from about 158.9 yen to 157.6 yen in the late afternoon, indicating a substantial strengthening of the yen. The Financial Times later reported that the Federal Reserve Bank of New York sold euros to buy yen on behalf of the US Treasury, confirming that intervention occurred. This coordinated effort underscores the seriousness of the yen's depreciation.

Implications for Forex Traders and Investors

This rare US intervention in the yen market signals a potential shift in policy. For traders, this could mean increased volatility and opportunities. The US Treasury's yen purchase plan may be part of a broader strategy to stabilize global currencies, especially given the yen's impact on trade balances.

• Monitor USD/JPY for sudden moves; intervention can cause sharp reversals.
• Watch for official statements from the Treasury or Federal Reserve for confirmation.
• Consider hedging strategies if you have yen exposure.
• Stay informed about geopolitical events that might trigger further intervention.

Expert Analysis: Why the US Is Buying Yen

The US buying yen is unusual, as the Treasury typically focuses on dollar strength. However, a weak yen can harm US exporters and contribute to global economic imbalances. By intervening, the US may aim to reduce trade tensions with Japan and other Asian economies. The yen purchase plan could also be a response to speculative pressure on the currency.

Historical Context and Future Outlook

Historically, the US has intervened in forex markets only in rare cases, such as the Plaza Accord in 1985. This move might signal a new era of active currency management. For now, traders should expect continued volatility as the market digests this news and watches for further actions.

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