Mitsubishi UFJ analysts said a suspected yen-support intervention on Thursday
mirrored prior operations, noting the timing — at month-end and before
confirmation data due at the end of August — and that it occurred in the New
York session. The timing and venue left "the clear impression that the action
had full support of the U.S. government." U.S. Treasury Secretary Bessent said
the yen appears "severely undervalued," and media reported the New York Fed
sought dollar/yen quotes.
