Bessent’s notepad just exposed the US bailing out Japan’s broken yen

A notepad in front of U.S. Secretary of the Treasury Scott Bessent reads “To Do Buy Japanese Yen $5-10 bil” as he participates in a cabinet meeting at Camp David, Maryland, U.S., July 31, 2026. The note, photographed at 1:33 EDT, came after Reuters earlier reported the Treasury had put banks on alert fora possible U.S. intervention in the market for Japan’s currency. REUTERS/Daniel Heuer

https://www.reuters.com/world/asia-pacific/bessents-to-do-list-buy-5-10-billion-worth-japanese-yen-reuters-photo-shows-2026-07-31/

🇺🇸🇯🇵 Okay so the way this works now is when the Fed holds rates and the Bank of Japan can’t hike without triggering a domestic debt crisis, the U.S. Treasury ends up taking over Japan's monetary policy.

The US govt intervening directly in the yen market isn't the typical… https://t.co/pBf5WN7NEN pic.twitter.com/NEelx8Nzh9

— Nicholas Mugalli (@RealNickMugalli) July 31, 2026

Japan just fired the biggest currency intervention in its history, and the US joined in for the first time in 30 years.

Thursday's yen buying hit roughly 8.45 trillion yen, about $52.8 billion in a single day. Then the New York Fed sold euros to buy yen for the US Treasury. The… pic.twitter.com/FNvfn62eFe

— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) July 31, 2026

I meant to attach this chart. pic.twitter.com/afUIDnSCuv

— Lukas Ekwueme (@ekwufinance) August 1, 2026