Japan's former top foreign exchange official, Hisayuki Shinohara, said on Thursday that Japan's recent actions to support the yen are reminiscent of the Asian financial crisis, and that this operation is not much similar to traditional methods. Naoyuki Shinohara said that during the Asian financial crisis in the late 90s, the US, Japan, and the IMF provided Thailand with US dollar funds to boost its foreign exchange reserves. “Today's Japan is far from being in the same situation as Thailand back then, yet the dynamics are unsettling.” He also said that there is a significant difference between joint action between Japan and the US and traditional forms of coordinated intervention. The latter is usually based on major economies having a common judgment on exchange rate trends, and is supported by statements from G7 developed countries. “There is no indication that such a process has been experienced this time. There is usually a G7 joint statement at some stage, but we haven't seen it yet.” Another unusual aspect of this operation is that the central bank hardly participated, and under normal circumstances, the central bank would act in concert with the finance department.

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