The operation was confirmed today, Aug. 3, by both Japan's Finance Minister Satsuki Katayama and U.S. Treasury Secretary Scott Bessent, with both officials explicitly warning that they would not hesitate to intervene again. More News from Barchart"The Trump Administration delivers for America's trusted partners," wrote Bessent on social media. And the U.S.-Japan alliance is built on both," he continued, adding that "We will not hesitate to participate in further joint intervention." Bessent's rationale for calling the crisis potentially unfinished rests on deeply unfavorable structural fundamentals that intervention alone cannot resolve. The Fed-BOJ interest rate gap remains enormous, with U.S. rates at 3.50-3.75% versus Japan's 1%, making the yen an unattractive holding and fueling the carry trade.