Goldman said the BoJ should have announced further measures to stimulate the economy and boost inflation at its last meeting.
Having cut rates below zero percent in January, the BoJ could have focused on balance sheet expansion in April, perhaps by lifting housing loans off private banks' balance sheets, suggested Brooks.
The Japanese yen gained sharply on Thursday following the BoJ announcement and has continued its upward trend. On Tuesday, the U.S. dollar fell below 106 yen, the lowest since September 2014.
"There is little doubt in our minds that $/JPY will keep falling in the near term, until (BoJ) Governor Kuroda is forced to respond with overwhelming force. We therefore hold to our structural view that $/JPY ultimately will go a lot higher," Brooks said.
Kit Juckes, a well-known strategist at Societe Generale, advocated buying dollar-yen at 101.50 on Tuesday, with a stop order just below 100 (when a trade is automatically sold if prices fall below a certain price).
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