"Central bank currency reserves are in decline in every region with the exception of Asia, where China is still accumulating, " Galy said.

FORBES: Currencies

"It must be remembered that diversification--the selling of U.S. dollars by central banks--has been taking place consistently during the entire reserve accumulation process, " Galy said.

FORBES: Currencies

"The point at which Japan's savings turn around in terms of momentum has long been seen as the time to sell the Japanese yen, " said Sebastian Galy, strategist at Societe Generale.

WSJ: Weaker Yen Lifts Tokyo Exporters