'Buy $5-10 billion yen': Bessent's note hints at US plan to back Japan's currency

The United States Treasury is reportedly considering a plan to purchase between $5 billion and $10 billion worth of Japanese yen. The reported proposal is detailed in a note from Scott Bessent and follows earlier actions by Japanese authorities to support their national currency in the foreign exchange market.

In the wake of these reports, the U.S. dollar slipped in value against the yen. The potential U.S. intervention marks a notable development in currency markets, signaling possible coordinated or parallel efforts to back the Japanese currency.