They advise long-term investors to buy assets considered "solutions to society's problems" such as infrastructure, inequality and climate change, but also to buy assets that lost out under the zero-rate environment such as value stocks, banks and European assets.

"The zero-rate environment of the past decade induced businesses to issue straight debt almost at will," Reddy said.

Even as the BOJ has stuck with its zero-rate policy, encouraging a weaker yen as the Federal Reserve raises U.S. rates, the government has intervened in the currency market to support the yen.

The BOJ’s commitment to its zero-rate programme puts it at odds with major economies that are shifting toward tighter monetary policy, although inflation in Japan is expected to creep up towards the central bank’s 2% target.

Fed officials have all but promised to exit their pandemic-era zero-rate policy at their next meeting on March 15-16 to bring down inflation that has shot by the central bank's 2% target.