In Japan, Switzerland, and the U.K., currencies are rapidly falling, and many are accusing these countries of purposely depressing their currencies in order to boost exports at the expense of other nations.

One could argue that this is the case in Japan. However, reality may be less decidedly less exciting.

In a note to clients this morning, Goldman Sachs analyst Kamakshya Trivedi says the evidence points to a much more basic phenomenon: these countries are simply trying to boost stagnant economies via monetary easing.