MG:
Aka "competitive devaluation". The Fed and administration want to drive the dollar down, especially against the yuan. It's what prompted the latest round of dollar buying by Brazil, Russia, Japan, Korea, Taiwan, etc. to counter the effects of further QE in the States, and what has caused an outbreak of speculation in the press about an impending global
"currency war". We'll see if the Fed follows through. It could as likely be a pressure tactic to try and get the G20 to force another Plaza Accord on the Chinese. But China is more independent than Japan was in the 80's, and is revaluing the yuan at its own pace and in accordance with its own domestic needs.
JG:
Actually, from what little (very little) I understand of this evolving issue, Chinese netizens are utterly outraged at the BOJ actually showing a little backbone with its recent measures to keep the yen from appreciating further. After all, a devalued yen means more US pressure on China to fully float the yuan. Poor Japan can't win: it supplicates to US foreign policy aims in E Asia, it gets blasted by China. It shows a little independence from the US on monetary affairs, it gets blasted by China. Every time I read a report or article about incipient E Asian regional cooperation as a foil to US imperialism, I chuckle.