It is true that consumer prices have not experienced inflation,...

It is true that consumer prices have not experienced inflation, however I think whatever the QE money was spent on, is inflated. So in the case of Japan, their stock market. In the case of the US, the bond market. Regardless, a whole bunch of money was created and used to buy a whole bunch of stuff that wouldn't have been bought otherwise, which naturally drove up the price of that stuff in the hope that we grow out of the debt problem. That growth won't happen as I mentioned because so much demand has already been brought forward from decades of excess borrowing.