Bessent Reveals $5 Billion-$10 Billion Yen-Buying Plan as Dollar Drops 0.8%

2 articles · Updated · The Guardian · Aug 1

$5 billion-$10 billion in planned yen purchases was exposed when Scott Bessent left a Camp David to-do list visible to Reuters during a cabinet meeting.
The note surfaced after Treasury had alerted banks it could intervene that day, and the Financial Times later reported the New York Fed sold euros to buy yen for the Treasury.
The dollar fell from about 158.9 yen at 4:14 p.m. ET to 157.6 before 5 p.m., extending gains after Japanese authorities had already stepped in earlier Friday.
The move targets a yen that slid last week to its weakest level since 1986, pressured in part by rising oil prices; the Treasury has not supported the currency since coordinated G7 action in 2011.