The central bank meets on Jan. 17 and 18, with its quarterly report on prices and growth likely to be the focus of interest.
The BOJ could extend some parts of the program beyond March, while scaling back other areas such as its corporate debt buying, says the former leader of the bank’s pandemic crisis response.
Higher energy costs have helped Japan’s key gauge of consumer prices edge up over the last two months for the first time in more than a year.
The central bank will continue to diversify its goals so it can place less emphasis on achieving its price target, according to a former BOJ executive director.
The central bank decided to set short-term interest rates at minus 0.1% while guiding 10-year government bond yields around 0% to keep borrowing costs low for companies and households.
Reaching the landmark as longest-running governor will be testament to Kuroda's ability to keep political and market pressure at bay despite having failed to spark inflation.
"You would be risking a big market reaction by touching monetary policy,” said Kazuo Momma, former head of monetary policy at the central bank.
The Bank of Japan surprised investors by joining other central banks with a measure to support climate change mitigation, while standing pat on its main policy levers.
The BOJ starts its two-day meeting Thursday, with a majority of economists expecting the bank to extend its special COVID-19 funding program to help struggling businesses.
"It’s hugely symbolic that even Kuroda can’t hit the target after a decade,” said a chief economist and former Bank of Japan official.