FT: US and Japan Jointly Intervene in Forex Market to Support Yen for First Time in Nearly 30 Years, Bessent Memo Shows Plan to Buy $5 Billion to $10 Billion in Yen

TechFlow news, August 1, according to the UK Financial Times, the US Treasury Department collaborated with Japan to intervene in the yen exchange rate on Friday local time, supporting the exchange rate by directly buying yen, marking the first joint action of its kind between the US and Japan in nearly 30 years.

Three informed sources revealed that the New York Fed executed this operation on behalf of the US Treasury Department by selling euros to buy yen. Among them, two sources stated that the transactions were executed by Goldman Sachs and Morgan Stanley. The US Treasury Department had indicated to multiple Wall Street banks before the action that it was considering intervening in the yen exchange rate.

In addition, when US Treasury Secretary Bessent attended the Trump Cabinet meeting at Camp David on that day, a to-do item on his notepad was photographed by the media, including "buying 5 billion to 10 billion US dollars worth of yen". A US Treasury Department spokesman did not respond to the content of the memorandum and whether intervention actions had been taken on that day. (Jin10)