Bessent reaffirms Japanese commitment after “To-Do” list photographed

Treasury Secretary Scott Bessent on Sunday night confirmed reports of supporting Japanese currency with a mass buy of the yen, according to a Sunday night statement. The U.S.-Japanese alliance is built on national and economic security, he said. The secretary made headlines after his personal notes about buying $5 to $10 billion in yen were photographed by Reuters at a Friday Camp David meeting. The Financial Times reported Friday that the Federal Reserve Bank of New York sold euros for a purchase of yen. Analysts estimated the buy to be worth over $50 billion, according to The Financial Times.

Friday’s coordinated foreign exchange movements rebalanced disorderly yen movements, Bessent wrote Sunday. The Trump administration supported Japan’s decisive market, along with its financial steps to correct the yen’s severe undervaluation, Bessent said. The Treasury secretary described Japan entering a new phase of robust and aggressive economics under Prime Minister Sanae Takaichi.

Has Trump made any comments? President Donald Trump also confirmed the financial intervention during a Sunday night press gaggle. Japan needed help with its weakening yen, and the United States is financially strong enough to help out Japan, Trump said. He characterized the U.S.- Japan relationship as strong, adding that Japan has always been good to the United States. That’s except for Pearl Harbor, the president quipped. When questioned further on the benefits of buying yen, Trump insisted that his deals were good and that the investment would benefit the United States and international economies.