Looming Currency Wars

Does the devaluing of the Yen by the Japanese government, making their exports relatively cheaper, herald the start of a currency war? If so, will America's economy in its already weakened state be damaged still further or will the former ethos of flight to quality that has always sustained the US Dollar prevail. With our current leadership, I fear that the dollars days as the bedrock currency for the world are past and only hard commodities, particularly gold, silver, copper, and platinum will hold their value.