The Bank of Japan's key price gauge did not move in January as it continued to hover around zero, putting Gov. Haruhiko Kuroda far from his 2 percent inflation goal even after adopting a negative-rate policy.

Low energy prices are disrupting Kuroda's efforts to reach his inflation target, with some economists forecasting further monetary easing next month just weeks after the negative-rate policy announcement.

Even after taking out the oil factor, recent economic data indicate that the nation's economy has little momentum as its outlook has been dimmed by a market rout and China's slowdown.