For the first time in nearly 30 years, the US and Japan have jointly purchased yen, with a US Treasury Secretary memo reportedly indicating a plan to buy $5-10 billion.

A Reuters photo shows a "to-do" list in U.S. Treasury Secretary Bessenter's notebook during a cabinet meeting at Camp David on Friday, which reads "Buy $5-10 billion in yen." The photo was taken during a media-open session at 11:33 AM ET (11:33 PM Beijing time). Bessenter's nameplate is clearly visible above the notebook. A Treasury spokesperson did not respond to requests for comment regarding the notebook's contents or whether intervention was taken on Friday. According to the Financial Times, the U.S. Treasury intervened in the yen's exchange rate on Friday, marking the first time in nearly 30 years that the U.S. and Japan have jointly supported the yen through direct purchases. Three sources familiar with the matter revealed that the New York Federal Reserve, on behalf of the Treasury, carried out an unusual operation—selling euros to buy yen. Two sources said the transaction was conducted through Goldman Sachs and Morgan Stanley. The U.S. Treasury had informed several Wall Street banks of its consideration of intervening in the yen before the action. The last time the U.S. Treasury intervened in the yen was in 2011, but at that time the focus was on selling yen. (Jinshi)