Japan follows suit

On September 19th the Bank of Japan announced that it will be following the lead of the ECB and the FED. You can see the "race to debase" as its being called. Governments around the world are all printing money in an effort stimulate their economies and increase growth. Having a currency of less value also means that your exports are more affordable to other nations with more valuable currency, but for those nation with more valued currency exports are more difficult to move out the door. So when some countries are beginning to devalue their currencies at a rapid pace, it forces others to print and devalue as well in an effort to keep competitive in the export markets.
What the governments dont understand about Keynesian style economics is that it never works. If you look back in history at every instance of this type of monetary behavior, they all end very badly.