US Treasury Secretary Scott Bessent was photographed with a note suggesting the US could buy $5bn-$10bn in Japanese yen, raising questions about possible intervention to support the currency. The disclosure matters because US action in currency markets is rare and could signal coordinated concern over the yen’s sharp recent decline.

The note was visible during a Camp David cabinet meeting on Friday, while reports said the Treasury had alerted banks it might intervene and the New York Fed later sold euros for yen on its behalf. The yen had fallen to its weakest level since 1986, but strengthened after Japanese action and again later in US trading, with the dollar falling from roughly ¥158.9 to ¥157.6; the US last supported the yen in 2011 alongside G7 partners.