There also an interesting point that money experiments create parasites. In Russia in 90s there was rampant money printing and inflation, but economy declined in real term in dollars. One of the reason is that people (including one my friend) took credits in rubles in bank, convert them in dollars and just wait; after a year they exchangeв back at a better exchange rate and returned the credit, taking profit and not producing any substantial. This creates additional pressure on exchange rate and was self-perpetual mechanism.
Carry-trade in Japan is probably also a type of parasite on the near-zero interest rates.
There also an interesting point that money experiments create parasites. In Russia in 90s there was rampant money printing and inflation, but economy declined in real term in dollars. One of the reason is that people (including one my friend) took credits in rubles in bank, convert them in dollars and just wait; after a year they exchangeв back at a better exchange rate and returned the credit, taking profit and not producing any substantial. This creates additional pressure on exchange rate and was self-perpetual mechanism.
Carry-trade in Japan is probably also a type of parasite on the near-zero interest rates.