So the BOJ plans to learn as much as it can from its U.S. counterpart although internal discussions among policymakers are underway on Japan's own exit strategy.
Indeed, conversations with former and incumbent central bankers, as well as sources familiar with the BOJ's thinking, suggest Japan's exit strategy will resemble the Fed's plan.
The BOJ will first start slowing bond purchases from the current pace of roughly 7 trillion yen ($70 billion) per month.
(Read more: Here's what may trigger more BOJ stimulus)
It will taper gradually in several stages to minimize the impact on markets. At some point, the bond purchases will stop.
The BOJ may then raise the 0.1 percent floor it currently sets on money market rates and revert back to a policy targeting interest rates, which was replaced by one targeting base money in April.
While this approach has broad consensus on the BOJ board, the sticking point is on the timing. Disagreements are already present, providing a window into what may shape the BOJ's ultimate exit strategy in coming years.
Theoretically, the BOJ might start tapering in 2015 if it meets its pledge of achieving 2 percent inflation in two years.
Given the slow pace of price growth in Japan though, the sources say a more realistic start date is 2016 at the earliest.
With a new governor at the helm, the BOJ pledged in April to maintain an aggressive stimulus campaign until 2 percent inflation is "stably maintained."
(Read more: Optimistic: Japan upgrades view on economy)
That is meant to say the stimulus program is open-ended, BOJ officials have said. So if inflation does not reach 2 percent in the two-year time frame, the BOJ would keep pumping more money into the economy until price growth, on average, reaches that level.
Mandated by Prime Minister Shinzo Abe to pull Japan out of deflation, BOJ Governor Haruhiko Kuroda may prefer to wait for as long as necessary to ensure 2 percent inflation is sustained.
That may mean keeping the stimulus program intact well beyond 2016.
But some policymakers see risks in waiting that long.
Board member Takahide Kiuchi has warned of the drawbacks of maintaining ultra-loose policy for too long, such as sowing the seeds of an asset price bubble. He wants to set a two-year limit for the current aggressive policy and after that, fine-tune the program based on economic conditions.
Another policymaker, Takehiro Sato, also wants a more flexible approach. His comments suggest he sees the possibility of the BOJ tapering its stimulus earlier rather than later.
The former bond market strategist argues the BOJ's price target should be considered as a range surrounding 2 percent and that as long as inflation heads towards that level, the BOJ's mandate would have been fulfilled.
(Read more: Bank of Japan stays pat, says economy recovering)
"If our price goal is considered a flexible framework allowing for a certain allowance, the target is reasonable and achievable," he said in a speech in July.
For now, the central bank is deliberately reticent and vague about an exit strategy to avoid diluting its key message that its priority is to beat deflation, analysts say.