The Globe and Mail reports in its Wednesday, Aug. 5, edition that Treasury Secretary Scott Bessent, who previously made $1-billion (U.S.) betting against the yen for George Soros, is now using the United States economy to support the Japanese currency. A New York Times dispatch to The Globe reports that Mr. Bessent's aim is to prevent rising borrowing costs and aid a struggling ally in China's region. The coordinated action by the U.S. and Japan to stabilize the weakening yen was the second significant currency bet by the Treasury Secretary in the past year. This move reflects the Trump administration's efforts to protect the U.S. economy from global market volatility during a politically challenging time. The scale of the yen purchases was not disclosed. During a Cabinet meeting Friday, a photograph of Mr. Bessent's note pad showed purchases of $5-billion to $10-billion worth of yen on his "to do" list. The Treasury Department's recent currency report said that the yen is significantly undervalued and highlighted excessive trading volatility as "undesirable." Analysts noted that the U.S. used its euro holdings to purchase yen, strengthening its value while maintaining confidence in the greenback.