Reuters Photo Reveals US Treasury Secretary’s ‘To-Do List’ – Washington Reportedly Plans $5–10 Billion Yen Purchase

A photograph captured by Reuters during a cabinet meeting hosted by President Trump at Camp David reveals a handwritten note on US Treasury Secretary Scott Bessent’s desk with the item 'Buy JPY 5B–10B' listed under a section titled 'To Do'.

The image was taken around 11:33 AM Eastern Time (15:33 GMT) on March 31, 2025, as a Reuters photographer shot from behind Bessent. The note clearly displays the heading 'To Do', underlined, followed directly by the instruction: 'Buy JPY 5B–10B'. Above the note, Bessent’s nameplate is fully visible, confirming his presence and the authenticity of the document's placement.

The US Department of the Treasury has not yet responded to Reuters’ inquiries regarding the accuracy of the note or whether it conducted market intervention on March 31 to support the yen against the US dollar.

Earlier that morning, approximately two hours before the photo was taken, Reuters reported, citing multiple sources, that the Treasury had informed several major banks of a possible intervention in the yen market on that day.

Japanese authorities did intervene earlier on March 31, leading to a sharp rise in the yen during early trading sessions. Market data later showed another significant appreciation in the afternoon. According to LSEG (London Stock Exchange Group), the USD/JPY exchange rate fell from around 158.9 yen per dollar at 4:14 PM to approximately 157.6 yen just before 5:00 PM—a decline of about 0.8%.

The last time the US Treasury intervened in currency markets to support the yen was in 2011, following the devastating earthquake and tsunami in Japan, when the US coordinated actions with other G7 nations. This latest development raises speculation about renewed coordinated efforts between Washington and Tokyo to stabilize currency fluctuations.