A memo indicating a purchase of Japanese yen was reportedly seen in front of the U.S. Treasury Secretary, who attended a U.S. cabinet meeting. According to reports in European and U.S. newspapers, an intervention selling euros and buying yen was reportedly carried out on the 31st.
Reuters reported that a memo stating “purchase of $5 billion-$10 billion worth of Japanese yen” was seen in front of Treasury Secretary Bessent, who attended a U.S. government cabinet meeting. The photograph was reportedly taken shortly after 11:30 a.m. The memo has been cited as material suggesting preparations for an intervention.
The Financial Times reported that the U.S. side carried out foreign-exchange intervention selling euros and buying yen on the 31st. The intervention was reportedly conducted through Goldman Sachs and Morgan Stanley, and is being compared with past cases as a coordinated Japan-U.S. intervention to buy yen.
Several European and U.S. media outlets reported that the Treasury Department had notified banks in advance of the possibility of intervention. There have been reports that the department had instructed them through the Federal Reserve Bank of New York to prepare for future developments.
The Treasury Department reportedly did not respond to an inquiry from Kyodo News about whether formal intervention had taken place. Further reports are awaited to confirm the facts.