How the BOJ Created “Noninflationary” Money While Ruining the Japanese Economy SOURCE: The Cobden Center

"This implies that Japan has found a way to create “noninflationary” money. It cannot be claimed, however, that the relative low inflation in Japan has helped to maintain real income levels: the growing monetary overhang has come along with a persistent economic slump and a falling real wage level since the late 1990s. The creation of “noninflationary” money is thereby not a panacea for the problem of rising central bank-financed government expenditure obligations."