Japanese fiscal and monetary policies have been continually expansionary since the late 1990s: What consequences?

There is sometimes concern in the United States and the euro zone about the fact that monetary and fiscal policies have been expansionary for several years at a time when the unemployment rate has fallen markedly. In Japan, this has been the case for 20 years and the two economic policies have been expansionary regardless of the cyclical situation. Can we see negative consequences of this situation in Japan, which could be: Inability to conduct countercyclical economic policies; Asset price bubbles and excessive private debt; A crisis of loss of fiscal solvency; Significant capital outflows and steep depreciation of the exchange rate; Extreme weakening of banks? Among these possible negative consequences, the only one that can be seen in Japan is the inability to conduct countercyclical policies; Japan has avoided the other consequences so far .