Doesn't the fact that there has been little inflation since the printing of trillions of dollars by US, UK, Euro, Japan, etc since the GFC make you query the assertion the inflation/printing money assertion?
The central banks have printed money, bought bonds and the new money has found it's way to companies allowing them to buy back shares - thus inflating assets. If the money had been dished out in the form of more government services then the real economy would stimulated - not just the financial industry. Stimulate the economy too much and demand for goods and services will exceed supply and there will be inflation - but we are a long way from that. Stimulate the economy too much and imports may exceed foreign currency available to pay for them - and there will be inflation. But to sum up, printing money (on it's own) does not cause inflation!
And a point on Japanese growth - on GDP/capita they do better than most other countries. Isn't that what really matters?
Sorry to divert from what should be a discussion of XJO, but it is a bit boring today!
(20min delay)