Framing Analysis
US Treasury Secretary Scott Bessent attended a Camp David cabinet meeting where a notepad listing a potential $5-10 billion yen purchase was photographed at 11:33 a.m. on Friday. The New York Fed, acting for the Treasury, sold euros to acquire yen through Goldman Sachs and Morgan Stanley hours after banks received notification of possible intervention. Japanese authorities separately sold up to $58.97 billion to support the yen on Thursday, with the dollar-yen rate moving from 158.9 to 157.6 during Friday trading.