When it comes to a competition most of the world's largest economies and especially the central banks seem to be playing the game as everyone wishes to be in the top 10. Though the objective may be specifically to stimulate economies, pumping large amounts of stimulus into financial systems will have some level of deflationary influence on the currency.
Some countries are shocked on this side effect, such as the US Federal Reserve and European Central Bank. Then there are those that are worried about their agenda to strong arm their currencies lower like Japan's government and central bank.
Posted by Sylas Ryder