By Takashi Mochizuki

A growing number of forex market players say that the era of the strong yen may be drawing to a close, with the currency's sharp fall on Tuesday's easing by the Bank of Japan the latest sign that traders are now looking for cues to sell the former safe-haven favorite.

The BOJ, strengthening its commitment to end years of deflation, surprised the market with plans to buy an additional 10 trillion yen in government debt, a move that will increase the amount of money in the economy and therefore lower the value of the currency.

The announcement helped push up the greenback above important chart levels, as it ended Tuesday's trading above its 200-day moving average at ¥78.03 for the first time in 10 months.

"It is a cool and important move from the BOJ," said Goldman Sachs Asset Management Chairman Jim O'Neill, adding the dollar may rise to ¥100 during 2012.