It is on. Japan and Germany have gotten hammered on the back of the relative strength of their currency valuations - even with the pop in the U.S.D. versus the euro recently. BOJ announced major stimulative measures yesterday officially to 'fight deflation,' but more appropriately designed to reverse the dramatic recent strengthening of the yen, which has absolutely murdered their exports (so much so that Toyota and Nissan have laid of workers in JAPAN). Look for China, Korea and other export-reliant countries (especially those with more than 20% of their exports flowing to the U.S.) to combat what they perceive as an unprecedented stimulative policy by the U.S. whereby the financial system is being inundated with greenbacks. This will be a great new source of tension between major trading partners, and a challenge to the new 'free trade' pacts going forward (and maybe existing ones).