Outgoing Bank of Japan Governor Masaaki Shirakawa warned on Tuesday there is no quick way to fix an economy that has suffered 15 years of deflation and that aggressive money printing alone was not the answer.

His comments contrast with those of incoming Governor Haruhiko Kuroda, who argues the BOJ can achieve a 2 percent inflation target in two years by pumping money more aggressively into the stagnant economy.

"A lack of cash isn't what's keeping companies from increasing capital expenditure," Shirakawa said, on the last day of his five-year term as governor and his 39-year career at the central bank.

"If there was a single thing that would have cleared the fog and solved all problems, Japan wouldn't have been in this situation for 15 years," he said, shrugging off the view that monetary stimulus alone can revive the economy.

In his final news conference as BOJ chief, he repeated his long-held view that efforts to boost Japan's growth potential, such as deregulation and government action to boost a shrinking working population, must accompany ultra-loose monetary policy to finally defeat deflation.