The language and posture of the leading central bankers over the weekend at Jackson Hole shows that tensions over exchange rates are starting to heat up again.

“We’re back in a little bit of that currency-war dynamic,” said Julia Coronado, president and founder of MacroPolicy Perspectives.

Coronado pointed to statements from Bank of Japan governor Haruhiko Kuroda, the only one of the Big 3 central bankers to talk to reporters.

In an interview with Bloomberg, Kuroda said the BOJ was not contemplating scaling back stimulus.

To Coronado, Kuroda was sending a signal that he would welcome a weaker yen.

Although they denied it at the time, the Federal Reserve, the European Central Bank and BOJ all tried in subtle ways to weaken their currencies in the wake of the global financial crisis in 2007. Lower interest rates and asset purchases helped weaken currencies, allowing countries to borrow demand from a neighbor.

Now, with a healthier global economies, central banks are trying to reverse course and dial back the stimulus they provided during the crisis.

Once again, exchange rates are at center stage.

Central banks have to pay attention to exchange rates because if their currencies rocket higher, this could “leak away” their economic recoveries, Coronado said.

This currency war was not expected. The common view was that the dollar would strengthen first because the Fed was taking the lead in “normalizing” monetary policy by picking up the pace of interest rate hikes. Fed Chairwoman Janet Yellen is expected to announce a decision to shrink its balance sheet next month.

The ECB’s and the BOJ’s hopes that the dollar would strengthen as a result of the tightening have been dashed. The dollar DXY, +0.18% has actually retreated this year.

Most of the strength has moved to the euro EURUSD, -0.21% , where the single currency has now passed $1.20 for the first time since late 2014.

“It is not what other countries had hoped. They thought the Fed was going to help them out,” Coronado said.

Coronado says the dollar’s weakness is not just monetary policy. Investors are reacting to the rocky start of the Trump administration.

“The Trumpian debacle of fiscal policy si leading the currency to react accordingly,” she said.

“Not only is it the fiscal outlook but there is also a rethinking of the U.S. role in the global economy - the U.S. is a source of risk,” she said.

ECB President Draghi and Yellen chose to stay silent about monetary policy at Jackson Hole

Steven Gallo, European Head of FX Strategy at BMO in London, said in an email that Draghi avoided the subject of exchange rates because he judged that the strong uptrend in the euro right now cannot be broken.

As a result, the best strategy was to “don’t even try,” Gallo said.

For Yellen, the weaker dollar seems unwelcome because it makes U.S. financial conditions easier, contrary to the goal of the Fed’s tightening process.

But minutes of the Fed’s July meeting show officials are divided on how to respond.

Some officials argued the Fed should raise rates at a faster clip in light of easier financial conditions. But others argued the looser financial conditions might actually be a hint of slower growth down the road.