The global central banks regularly deny that they are engaged in competitive currency devaluations, but actions speak louder than words. Last week the Bank of Japan ramped up their quantitative easing program by taking advantage of falling oil prices to further debase the yen. A falling yen raises the price of gasoline for Japanese consumers so there had been some backlash against the BOJ’s quantitative easing program. With oil prices falling, the BOJ saw an opportunity to further debase the yen without causing more voter discontent and they took it. The lower yen is a boon for Japanese exporters and a net negative for corporate-Japan’s American competitors.