From Zero Hedge:

The latest currency war escalation does not come from any of the usual suspects... but from non-axis player, Brazil. And it's a doozy – the country's top economic officials have decided to cancel their trip to Seoul, in what is likely the first jarring demonstrating of defection from the G-20 cartel.

The reason for this last minute defection from the Central Banking proletariat , as given by Finance Minister Guido Mantega and cited by Reuters, is, appropriately enough, "currency issues." Nuff said. And while Mantega has decided to pay a last minute cancellation fee, he is not alone...

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Top Brazilian official: An "international currency war" has broken out