Scott Bessent's notepad photo sparks questions over hidden Treasury move

WASHINGTON, DC: Treasury Secretary Scott Bessent inadvertently exposed a handwritten treasury "to do" list that appeared to reveal plans for the US to buy between $5 billion and $10 billion in Japanese yen.

The photograph quickly shifted attention from the currency market itself to whether a senior US official had accidentally disclosed a potentially market-moving Treasury plan before it was officially confirmed. The Treasury Department did not immediately respond to questions about the note or any intervention.

Photo captures Bessent's handwritten note

The image was taken during a cabinet meeting at Camp David on Friday while reporters were allowed into the room, the Guardian reported on Saturday, August 1. The photograph show Bessent's notepad over his shoulder at 11:33 am local time.

The notepad showed the underlined heading "To Do," followed by the handwritten instruction, "Buy Japanese Yen (JPY) $5-10 bil."

Bessent's name card was clearly visible directly above the notepad, linking the handwritten list to the Treasury secretary.

As per the Guardian report, video from the televised portion of the meeting showed the notepad remained visible in front of Bessent about 30 minutes later as he praised President Donald Trump.

Treasury intervention questions intensify

The handwritten note surfaced after a report earlier Friday that the Treasury Department notified several banks it could intervene in the yen market that day, citing an unnamed source.

Later, the Financial Times reported that the Federal Reserve Bank of New York sold euros to buy yen on behalf of the Treasury Department.

Japanese authorities had already stepped into the market earlier Friday to support their currency, triggering a sharp strengthening in the yen during early trading.

The yen had weakened significantly in recent days, with Bloomberg News reporting that it fell to its weakest level since 1986. The report said the depreciation had been driven by several factors, including rising oil prices.

Yen strengthens after market moves

Market data from LSEG showed another notable shift later Friday.

According to the data, the dollar fell from about 158.9 yen at roughly 4.14 pm ET to about 157.6 yen shortly before 5 pm, representing a decline of about 0.8% against the Japanese currency.

The photograph fueled fresh questions because the handwritten instruction appeared in public view before the Treasury publicly addressed any potential intervention.

The reported plan would also mark a rare move by the United States. 

According to a Guardian report, the Treasury has not intervened to support the yen since 2011, when it joined other G7 nations in coordinated action after the devastating earthquake and tsunami in Japan.