Since the global crisis began, all the US and European central banks have done is to support big quantitative easing programs by printing more and more money. This coupled with low interest rates and big debt burdens have put the future of their respective currencies at risk. Japan does not appear to have learnt a lesson from this. Otherwise what would explain the Bank of Japan's move of adopting a massive new quantitative easing program. This includes considerable purchases of government bonds and other assets and doubling of the central bank's inflation target to 2%. The problem is that excess printing of money results in depression of a currency. This makes it less attractive to others. The Japanese do not seem to be worried about this as they are hoping that a weaker currency will lead to better exports. That is fine if one country chooses to do so. But if this action has a domino effect and more than one country resorts to devaluing currencies, the problem only gets compounded. That is why, the Bundesbank is worried that Japan's new stimulus measures are bound to lead to currency wars. And has rightly criticized Japan for the same.