The game of competitive devaluations is getting very tense.
First you have China keeping its currency artificially weak, a move that continues to bring opprobrium from the US, Europe, and Japan.
Then Japan aggressively intervened to weaken its yen.
Then Brazil made noises about weakening its currency.
Then Bernanke opened the door to quantitative easing, weakening the dollar.
Then Brazil made more moves to weaken the real.
Everyone is engaging in classic trade war behaviour: using policy to benefit domestic manufacturers and exporters.
But there are no tariffs, or specific attacks on other countries’ companies, so good luck with any kind of organised body doing anything about this.