 This expression had been used since the mid-1990s by critics of the Bank of Japan and its monetary policy.The earliest written record of the phrase and concept of "quantitative easing" has been attributed to the economist Dr Richard Werner, Professor of Banking and Finance.At the time working as chief economist of Jardine Fleming Securities (Asia) Ltd in Tokyo, and noted for his 1991 warning of the coming collapse of the Japanese banking system and economy , he coined the expression in an article published on September 2, 1995 in the Nihon Keizai Shinbun (Nikkei).