When the exhaust valve first opens, we have a positive pressure peak in the wave form but that is followed by a negative pressure as the gas picks up speed and begins to cause a suction behind the positive part of the pulse. This will suck atmospheric air into the system via the leaks and lean the measured a/f out thus giving a false a/f. This is exaggerated by cams with a lot of overlap and duration.
This is magnified at lower rpm and begins to diminish up around 3000 rpm in most cases. In some prior thread I posted the suggested distance from an exhaust opening in terms of multiples of pipe diameter that is recommended by some wb manufacturers.
When running closed loop in an fi system, it will totally screw up the O2 and cause the system to add a lot of fuel to correct a "lean" problem and the engine actually then runs rich because it was fooled by a crack in a header tube.