NEW YORK ( TheStreet) -- The Bank of Korea, South Korea's central bank, cut its key interest rate last week in order to keep pace with a weaker yen. Although the Bank of Japan is adamant that they do not intend on inciting a currency war, other countries look to be suffering from Japan's policy.The yen has depreciated against the won by about 10% since the beginning of the year, which is hurting South Korea's export market. The Bank of Korea even cited a weaker yen as a potential threat to the country's economic viability. Below is a chart of MSCI South Korea Index Fund ( EWY) over Total World Stock Index ETF ( VT). This chart shows South Korean equity weakness since the beginning of the year. In this time period the MAXIS Nikkei 225 Index ETF ( NKY) has taken off due to a strengthening trade balance. The two countries are fierce competitors in the export market, and this chart clearly shows a competitive advantage going in the way of Japan due to their favorable monetary policy.