The DOW is still going up because they is still a lot of 'hot money' in the system despite US Fed trying to normalize interest rates.
Japan has embarked on the next phase... unlimited money printing. Japans government debt to GDP may be 234%. But the BOJ has embarked on a gradual bond purchase of its own debt and now holds 40% of that debt. Because interest payment net off each other - that debt to GDP figure is actually lower. And this is possible because Yen is still perceived as a safe haven currency and they is no loss confidence.
