There is, Dehn warns, the potential for damage to currency credibility this year in the U.S. and Europe.
Europe, the U.S., and Japan are all struggling to create inflation, says Dehn.
Currency markets are being fueled by QE and policy makers in the core economies are gradually shifting towards outright currency manipulation, says Dehn.
Jan Dehn, an economist at Ashmore Group in London, said there are at least four potential candidates to trigger a wider currency war.
Dehn calculated that investors now holding a 10 year Treasury when yields rise to 6.5% from the current level will lose 34% on the bond price.
"I'm not sure you can break Japan out of deflation with just moving the currency, " said Jan Dehn, co-head of research at Ashmore Investment Management Ltd.
The very fabric of the global monetary system has within it the seeds of its own destruction, says Dehn sounding like American curmudgeon politician Ron Paul.
Despite the inflation risk, and the longer term likelihood of rising interest rates, Main Street investor exposure to low yielding bonds is likely to increase and become more concentrated, Dehn said.
The emerging markets asset class has sustained average annual growth rates of 16% over the past decade, points out Jan Dehn, an economist at Ashmore Group, a large emerging markets investment firm in London.
FORBES: Outside Of Treasurys, Emerging Market Debt World's Best Buy
"It's very much driven by a good story and fast money and momentum trading rather than a belief among the world's institutional investors or real-money investors that the weaker yen is sustainable, " Mr. Dehn said.
The core economies have deep structural problems and the world economy is in a state of disequilibrium, says Jan Dehn, an economist at Ashmore Group in the U.K. Ashmore has its hands in emerging market debt.
"As a way of telling the police you can help, the site is a welcome alternative to hanging behind at the scene, standing around at a police station or waiting in line at a call centre, " said the charity's director Guy Dehn.
应用推荐