Japan: What effects of the extremely rapid growth in the (central bank) money supply?

Growth in the central bank’s money supply (in the size of the central bank’s balance sheet) has been much faster in Japan than in the other OECD countries. What effect has this had? Not inflation, which shows that money serves no longer as transaction money to any large extent, but rather as investment money; Not a depreciation of the yen, due to only small capital outflows, which shows that the monetary approach to the exchange rate does not work; Not very rapid growth in credit, even though it has primarily been banks that have sold bonds to the central bank; This leaves the mechanism of portfolio rebalancing between cash, bonds, equities and real estate. In Japan, holdings of cash and bonds have risen sharply, which has coincided with a sharp decline in long-term interest rates.