Japan's economy fell short of expectations for a solid recovery in 2015, but it is likely to gain traction in fiscal 2016 on the support of corporate investment and private consumption, economists say.

"I think the economy will gradually recover in fiscal 2016," said Koichi Haji, managing director of NLI Research Institute. "With inflation at low levels, I expect wages will rise to a degree in real terms and consumption will improve, leading to gradual growth."

But the recovery may be unimpressive, lacking viable growth drivers.