Currency war by Japan: Can it Win?

The global economies are facing a war of competitive depreciation of their currencies to further their domestic growth by boosting exports. Among other economies, Japan has also entered this game since 2013. Does such a policy lead to a long term growth or does it just sparks a zero sum game where no one wins? The period under study is post the financial crisis from 2010 to 2014 during which many nations of the developed world including Japan undertook competitive weakening of currency to boost exports. Pearson's Correlation and Johansen's test for Co-integration is used to test the long-run relation between currency value and exports in Japan.