Brazil Finance Minister Guido Mantega popularized the term“currency war” in 2010 to describe policies employed at the time bymajor central banks to boost the competitiveness of their economiesthrough weaker currencies. Now, many see lower exchange rates as away to avoid crippling deflation.

Weak price growth is stifling economies from the euro region toIsrael and Japan. Eight of the 10 currencies with the biggestforecasted declines through 2015 are from nations that are eitherin deflation or pursuing policies that weaken their exchange rates,data compiled by Bloomberg show.

“This beggar-thy-neighbor policy is not about rebalancing, notabout growth,” David Bloom, the global head of currency strategy atLondon-based HSBC Holdings Plc, which does business in 74 countriesand territories, said in an Oct. 17 interview. “This is aboutdeflation, exporting your deflationary problems to someoneelse.”