Low-calibre munitions

SHINZO ABE has a knack for stirring thoughts of war. The Japanese prime minister’s tributes to his country’s war dead and his desire to alter its pacifist constitution have prompted China and South Korea to accuse him of militarism. Then there are his views on the yen. His efforts to reduce its value have spurred talk of an Asian currency war, on the assumption that China and South Korea would also try to steer their currencies lower to make sure their exports remained competitive.

Kim Moo-sung, a leader of South Korea’s ruling party, called this week for the government to gird itself for a currency clash. Some saw China’s interest-rate cut last week as a first salvo, since it prompted a fall in the yuan. Happily, however, the chances of a fully-fledged Asian currency war are, like those of a military confrontation, much slimmer than alarmists suggest.