The Deflationary Impact of a Weaker Yen is Now Squarely Being Felt in South Korea

We began opining on the deflationary impacts of Currency Wars back in January and some of those postulations are now coming to fruition - the latest being that the South Korean CPI today hit a level not seen since the aftermath of the Asian financial crisis. We wonder if the BOJ holding off on more QE at its latest meeting was in some part due to pressure Japan has been getting from its neighbors to easy up on the accelerator? Either way, South Korea's CPI at a 15 year low suggest something about global pricing pressure.