I tell you: devaluate! (os)

What is going on out there on the exchange rate market? It seems like everybody is trying to devaluate his currency and is falling back into a mercantilist, protectionist behaviour! Japan is (again) heading a main refinancing rate at nearly zero, Brasil imposes a tax on foreign financial investments and the US are going for import taxes for products originating from China. Ok, I get it, it must be the import-export thing what is the driving point behind these actions, but where is this going to end? No one can devaluate for ever, and especially against "all". For the Euro-Dollar rate, experts even see the Euro at 1,65 Dollar (right now it is 1,38). It seems like the only one who is still standing is the ECB. Maybe because she has not forgotten the "euro is too weak" voices of february and now this is her time. But as long as inflation scares seems to be vanished, this issue should be on the table at least for the next months.