What do you think the bank of Japan is doing? The BOJ is constantly pumping Yen to the banks these days, but the banks and the consumer are too scared lend/borrow at the moment. Someone has to borrow that money before it enters the system to cause the inflation of money supply, they don't just print the money and hand it out. Infact since carry trades are debt, the repayment of the debt itself is causing a contraction in the money supply further driving up the Yen.
So, calling for the BOJ to inflate their currency its a bit of mute point isn't it.
