Economy
A Handwritten To-Do List Puts Washington Inside Japan's Yen Problem
A Reuters photograph showed a handwritten note attributed to US Treasury Secretary Scott Bessent reading 'To Do Buy Japanese Yen (JPY) $5-10 bil'. The Financial Times reported on 31 July that the US side had sold euros to buy yen, which would make it the first Japan-US coordinated yen-buying intervention since 1998, and the yen touched 157.24 to the dollar in New York. The note itself establishes intent rather than execution, and Japan's own monthly intervention figures are not due until 28 August.