On July 31, 2026, U.S. Treasury Secretary Scott Bessent participated in a cabinet meeting at Camp David, Maryland, where he read a directive labeled "To Do -- Buy Japanese Yen (JPY) $5-10 bil."

This move reflects concerns tied to Japan's extended economic stagnation, often referred to as "Japanization," a term explored in the book Japanization: What the World Can Learn from Japan's Lost Decades by Tokyo-based journalist William Pesek.

The yen purchase signals Washington's active engagement with Japan's economic situation, which has implications for the broader Asian region. The directive underscores the complexities of currency intervention and the interconnectedness of global financial policies.

Sources

Image Caption

Secretary of the Treasury Scott Bessent reads "To Do -- Buy Japanese Yen (JPY) $5-10 bil" during the cabinet meeting at Camp David, Maryland, on July 31. © Reuters