The article quotes a Japanese securities analyst saying the holders of Japanese yen have been selling, and buying foreign currency to make investments in higher yielding foreign currencies.

FORBES: Is Smart Money Betting on a Weaker Yen?

Mr Brooks and Fiona Lake, one of his colleagues, have looked at annual foreign-exchange interventions by central banks in emerging Asian economies, tracking the pace at which they built up reserves by buying foreign currency.

ECONOMIST: Economics focus

They are also buying foreign-currency securities, which is helping to drive down the yen.

FORBES: Magazine Article

Countries like Brazil could conceivably raise taxes on foreign investors buying local currency bonds to ward off dollar flow and sharp appreciation of the Brazilian real.

FORBES: Some Fund Flow Leaving Europe, Heads To Emerging Markets

Looked at through the lens of cross-border trade between an American firm suffering devaluationist policies and a foreign importer buying American goods with a rising currency, ultimately the importer is going to have to sell goods back to Americans in order to continue importing.

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But most of the investors choosing emerging market debt are buying bond funds with local currency debt, rather than buying the sovereign or quasi-sovereign dollar denominated bonds that foreign countries like Brazil also issue.

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China has stated interest in diversifying its currency and debt holdings in its foreign reserve accounts by buying up other BRIC assets, mainly currencies in Russia, India and Brazil, one of the strongest and most stable currencies in the Americas.

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