Given the economic policies conducted, Japan's situation is astonishing

Since the late 1990s, the central bank has massively monetised very large fiscal deficits in Japan. And yet: There is no inflation; There is no bubble in financial and real estate asset prices; The exchange rate has not depreciated; Private sector debt has not increased . All this is astonishing ; how can it be explained? The only possible explanation is that the increase in the money supply in Japan has been offset by an increase in demand for money, both as regards money of the central bank for banks (increase in demand for banks' excess reserves at the central bank) and money for non-bank economic agents (banknotes and deposits). The increase in the money supply then has no other effect on the economy.