That brings the potential of currency war to the final potential trigger: economic fundamentals.
We are not engaged in a currency war, we are not targeting our currency.
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So in hindsight, New Zealand declaring surrender in the currency war is a tad too early.
The international community fears the fall in the yen may spark a currency war.
In fact, what we saw today was the next round of a global currency war.
The currency war appears to be escalating with even greater currency depreciation, trade restriction, and capital controls.
And a fifth risk is a looming currency war, fueled by simultaneous Quantitative Easing by central bankers.
We are, in fact, seeing the beginning of a currency war, which will not be confined to Asia.
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The major casualties in this currency war are developing countries with trade deficits, such as Brazil, Mexico, and India.
The last thing the world needs right now is a global currency war.
Unexpected movements by the players in the currency war could throw markets into turmoil, having a major affect on interest rates.
For now, these skirmishes fall far short of a real currency war.
The currency war has been mostly fought between the dollar and euro.
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Another kind of deleterious conflict, a currency war, seemed to be brewing.
The currency war is closely linked with another theme that has been troubling many economists for several years, that of global economic imbalances.
Jan Dehn, an economist at Ashmore Group in London, said there are at least four potential candidates to trigger a wider currency war.
But unless the currency war takes hold in earnest, it may be a while before we break out of the current holding pattern.
The Group of Seven (G7) issued a statement to dampen the discussions of a global currency war so fervently covered by the mainstream news.
But it carries risks, not only for Japan, but for a world economy that totters on the edge of a full-fledged currency war.
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Unfortunately the prospects for ending the currency war are not good.
The currency war is over, according to Finance Minister Guido Mantega.
Part of the question, therefore, is whether the rich, highly indebted countries are likely to trigger the directional moves that could set off a real currency war.
"We must not enter a currency war, " he said, while at the same time demanding a "co-ordinated approach" that would look at all instruments available to a state.
Mr Mantega has talked of an "international currency war", while Mr Meirelles has said Brazil should not "pay the price" for the "excessive devaluation of currencies" in other countries.
The currency war in the 1930s was facilitated by many countries going off the gold standard, as they tried to revive their economies by lowering the value of their currencies.
The Bank of Korea's surprise rate cut decision on Thursday indicates that South Korea, whose net exports represent nearly 60% of its gross domestic product, has joined the global currency war.
This market has been assured from the highest authority, credible or not, that the European Central Bank (ECB) sees no risk of a currency war and that it must be avoided.
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