Investors poured funds into Japan equities last year on the expectation of further easing measures from the central bank, but it looks like the Bank of Japan (BOJ) will disappoint again at its meeting next week.
"We are in for a disappointment," Alain Bokobza, head of global asset allocation at Societe Generale, told CNBC. "We were expecting some kind of further monetary policy loosening on top of what was announced some quarters ago and we're still waiting."
In April of 2013, the BOJ launched a massive quantitative easing program in the "first arrow" of Abenomics, a series of policy measures unveiled under Prime Minister Shinzo Abe aimed at kickstarting Japan's long-moribund economy. Investors pushed the Nikkei up more than 50 percent, partly on hopes that the central bank would deliver. So far, they have come away disappointed