The United States may have been preparing a major move in the currency market after a handwritten note seen during a cabinet meeting revealed a proposal involving the Japanese yen. US Treasury Secretary Scott Bessent was attending a cabinet meeting at Camp David on Friday when a notepad placed in front of him became visible to journalists. A photograph taken during the meeting showed a list marked “To Do.” One item on the list read: “Buy Japanese Yen (JPY) $5-10 bil.” The image quickly drew attention because it appeared to outline a possible plan for the US government to purchase between $5 billion and $10 billion worth of Japanese yen. The photograph was taken during a portion of the meeting that was open to the media. Bessent’s name card was visible on the conference table directly above the notepad. The note remained in view during the meeting and could still be seen when the treasury secretary spoke later. The contents of the note raised questions about whether the US Treasury Department had entered the currency market to support the value of the yen against the US dollar. A Treasury Department spokesperson did not immediately comment on the note or confirm whether any action had taken place in the foreign exchange market. Later reports indicated that the Federal Reserve Bank of New York may have sold euros and purchased yen on behalf of the Treasury Department. However, officials did not publicly confirm the details of any transaction. The development comes at a time when the Japanese currency has faced strong pressure. The yen recently weakened to levels not seen since 1986. Market analysts have pointed to several reasons for the decline, including higher energy prices and differences in monetary policy between major economies. The weaker yen has become a concern for Japanese officials because it increases the cost of imports and adds pressure to businesses and consumers. In response, Japanese authorities have taken steps to support their currency. Earlier on Friday, Japanese officials intervened in the foreign exchange market. The move led to a sharp rise in the value of the yen during the early part of the trading day. Reports also suggested that US officials informed several banks before the market activity that intervention in the yen market could take place. The notification reportedly came a few hours before the handwritten note was seen at Camp David. Currency market data showed another significant move later in the day. The US dollar fell from about 158.9 yen during the afternoon to roughly 157.6 yen before 5 p.m. Eastern Time. The decline represented a change of about 0.8% in a short period. Such movements often attract attention because large changes in major currencies can affect trade, investment, and financial markets around the world. If the United States did enter the market to buy yen, it would mark a rare event. The US Treasury has not intervened to support the Japanese currency since 2011. That action took place after a powerful earthquake and tsunami struck Japan. At that time, the United States joined other Group of Seven nations in a coordinated effort to stabilize financial markets. Currency intervention is not a routine tool for the United States. Officials generally allow market forces to determine exchange rates. Because of this approach, any sign of direct market involvement often receives close attention from investors and economists. The note seen at Camp David has therefore become an important point of discussion among market observers. While it does not confirm that a transaction occurred, it suggests that officials may have been considering action during a period of significant pressure on the Japanese currency. For now, questions remain about whether the proposal on the notepad was discussed, approved, or carried out. Investors will likely continue watching for official statements and future market activity that could provide more clarity on the reported US Japanese Yen Purchase plan.