Giving a super-clear predictability on the course of monetary policy will not be good for any central bank.

No one's ever seen anything like this. There can be various patterns to the way the Bank of Japan will exit the policy.

It is possible that this year will mark the end of the deflation and will bring in a paradigm shift to the bond market next year. Ten-year yields may rise to 2 percent by the end of March next year.

The economic outlook favors higher yields next year. The deflationary era has finally ended and a sustainable increase in consumer prices is likely to get underway soon.

As the government is growing increasingly receptive to the idea of a policy shift, the central bank could very well change policy as early as March 9.

Although some government officials and ruling bloc lawmakers remain reluctant toward an early policy shift, there are nearly no objections in the private sector, including the banking industry, the insurance industry and business lobbies.