Scott Bessent, the American treasury secretary, was photographed with a 'to do list' that said 'buy Japanese Yen' - Daniel Heuer/ReutersAs to-do lists go, Scott Bessent's one was certainly unconventional. On Friday, Donald Trump's treasury secretary was photographed with a note in front of him that read: "Buy Japanese Yen (JPY) $5-10 bil". The unusual foray into global currency markets – the first supporting the yen in nearly three decades – may have seemed like simply a gesture of goodwill to an American ally. Japan has now made six interventions to support its currency since 2022, worth a combined $250bn (£186bn). "That is ultimately coming out of US treasury markets," says Jonas Goltermann, the chief markets economist at Capital Economics.