The drastic monetary easing by the Bank of Japan under its new governor, Haruhiko Kuroda, has brought about a sharp devaluation of the yen currency and a steep rise in stock prices. This has no doubt revitalized the market while the approval rating for Prime Minister Shinzo Abe, Kuroda's powerful supporter, has remained at a historically high level.

Even though these factors may have created a general consensus that the central bank has gotten a head start since Kuroda took office in March, a sense of desolation is spreading fast within the central bank.

Under the previous governor, Masaaki Shirakawa, the BOJ steadfastly followed the path of rejecting an "easy monetary policy of unprecedented dimensions" as advocated by Kuroda.