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US Treasury informed banks that it may intervene in Japan's yen: Reuters
- On Friday, the United States Treasury intervened in currency markets by selling euros to buy Japanese yen, marking Washington's first joint yen-buying action with Tokyo in over a decade.
- Treasury Secretary Scott Bessent signaled the move during a cabinet meeting at Camp David, Maryland, where his notepad displayed the handwritten directive: "To Do Buy Japanese Yen $5-10 bil."
- The Federal Reserve Bank of New York executed the trade through Goldman Sachs and Morgan Stanley, helping the yen rebound to about 157.6 against the dollar from near 164 in recent weeks.
- Japan intervened Thursday to address historic lows, with officials posting that monetary authorities maintain "a broad range of tools to address market liquidity needs," including potential FIMA repo facility access.
- Kyodo News reported Saturday that the United States and Japan may unveil a coordinated policy as early as next week to address the yen's weakness and deter speculative market bets.
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To stop the yen's fall in value, Tokyo and Washington resort to a rare measure. According to insiders, both states massively buy the Japanese currency. A notepad entry by the US Treasury Secretary could confirm this.
Historical intervention on the yen market by the United States. Japan, struggling with the collapse of its currency, is operating in a massive way selling US government bonds to restrain it. Washington, struggling with the rise in returns due to inflation and split in the Fed, intervenes in turn, selling euros. The mystery of the leaflet on the Treasury Secretary Scott Bessent's table
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Coverage Details
Total News Sources61
Leaning Left4Leaning Right17Center14Last UpdatedBias Distribution49% Right
Bias Distribution
- 49% of the sources lean Right
49% Right
11%
C 40%
R 49%
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