Bank of Japan Gov. Haruhiko Kuroda has at least one strategist that shares the optimism he is showing in the world's third-largest economy.

Kenro Kawano, chief bond strategist at Morgan Stanley MUFG Securities Co. in Tokyo, says the BOJ will taper unprecedented stimulus in 2016 and 10-year sovereign bond yields will more than double over the next year. Kuroda said in Minnesota Sunday that his policies are working and Japan is making its way to "conquering deflation."

Morgan Stanley's view is in the minority, with just four of 32 analysts predicting the BOJ can start to taper next year and most focusing on when stimulus will be expanded, as an inflation gauge the central bank watches has slumped to zero.