Currency wars on our doorstep

The entry of Japan into the global currency war, a kind of echo of its bombing of Pearl Harbour in December 1941 to enter WW2, presents a fresh challenge for policymakers everywhere but especially in Australia. 

Since early October, just after Shinzo Abe became leader of Japan's Liberal Democratic Party and it became clear he would win the forthcoming election, Japan has seen one of the fastest currency depreciations since the collapse of the Bretton Woods system in 1971.