Japan's economy was in deflation for a prolonged period, but sustainable monetary easing certainly had positive effects on the real economy. Consequently, it can be said that this provides evidence that QQE supports the idea of a high-pressure economy.
Conclusion Today, I considered the narrative that, with the end of the mild-inflationary regime accompanied by anxiety over deflation, concern about secular stagnation and Japanification has passed into history, and that a regime of high inflation will emerge. Against this narrative, I have argued that the threat of secular stagnation and Japanification has not yet been dispelled completely.