Bank of Mitsubishi UFJ analysts pointed out in the report that the timing of Thursday's suspected intervention aimed at boosting the yen was the same as previous intervention operations. They said that this suspected intervention occurred at the end of the month, and this is a time period where the relevant confirmed data will not be released until the end of August. Furthermore, the operation took place during New York trading hours, which left a “clear impression that the operation was fully supported by the US government.” US Treasury Secretary Bessent said on Thursday that the yen appeared to be “seriously undervalued”; at the same time, media reports claimed that the New York Federal Reserve made an inquiry about the USD/JPY exchange rate.

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