The current global currency row is expected to continue for the time being as monetary easing by major economies will likely spur emerging markets to take tougher moves to stem the appreciation of their currencies, a report said Friday.

The stimulus plans by the United States and Japan have escalated foreign exchange volatility, sparking a currency conflict between the two global economic powerhouses and prompting other countries to hurry to curb the ascent of their currencies, according to the report by the Korea Center for International Finance.

The U.S. Federal Reserve took steps until last year to buy mortgage-backed securities and long-term debts worth a total of $85 billion every month in a bid to boost its economy. There have been speculations that the Fed is mulling a fourth round of quantitative easing.

Such a move was followed by the Bank of Japan early this month, which unveiled an open-ended asset purchase program worth 13 trillion yen ($142.9 billion).

Due to a spate of their monetary easing measures, the Korean won gained more than 7 percent against the U.S. dollar in 2012 from a year earlier, while it surged nearly 20 percent against the Japanese yen over the same period, according to the Bank of Korea.

As Washington and Tokyo opted to competitively devalue their own currencies, it has prompted the won to appreciate sharply, stoking fear it would hurt the export-reliant economy.

However, the report pointed out there are some other factors that might alleviate concerns over heightening tension with the currency row.

China is considered the least likely candidate to join the conflict, and there is a high chance that some kind of an international consensus will be reached at the Group of 20 meeting to ease the problem, the KCIF said.

While the currency conflict is predicted to gradually ebb away, it can occur more often in the future as countries are running out of policy measures to overcome a prolonged phase of low growth, the report added. (Yonhap News)