The Winner in the Devaluation Race

Treasury Secretary John Snow has made it clear that the eight-year-old U.S. strong dollar policy is now a "not-so-strong" dollar policy.

But the U.S. isn't the only country that wants to wring economic benefit out of a cheaper national currency. The world's second-largest economy, Japan, has long had a strategy to keep the yen weak to bolster exports.

Let's attempt to view the U.S.' currency policy shift from the perspective of a Japanese monetary policy official to see who might win in the race to have a cheaper currency. ...