SeongJoon Cho | Bloomberg | Getty ImagesAmong major central banks, the Bank of Japan has been most notorious for its ultra-loose monetary policy, but that must come to an end soon to support the country's currency, according to Deutsche Bank. "For the yen to do something meaningfully better you really need more of a dovish pivot in every other central bank, or the Bank of Japan really has to start walking away from quantitative easing and negative rates," Tim Baker G10 FX strategist at Deutsche Bank told CNBC's Street Signs Asia. watch nowQuantitative easing is when a central bank tries to increase the liquidity in its financial system by buying long-term government bonds from the country's largest banks. The BOJ has used various quantitative easing tools to reflate the economy in the last three decades. The central bank has been cautious in unwinding its long-held ultra-easy monetary policy, wary of any premature moves that could potentially derail recent nascent improvements in the economy.

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Persons: SeongJoon Cho, Tim Baker, CNBC's, Baker Organizations: Bloomberg, Getty, Bank of Japan, Deutsche Bank, Bank of, Fed, ECB Locations: Hakone, Japan, Bank of Japan