A related question I sometimes hear – which bears also on the relationship between monetary and fiscal policy, is this: By buying securities, are you “monetizing the debt” – printing money for the government to use – and  4  BIS central bankers’ speeches  will that inevitably lead to higher inflation? No, that’s not what is happening, and that will not happen.
The bust of the country’s property market bubble was just a few years around the corner (Fig. 1.2). Incidentally, for the sake of completeness, I have included the figures for China (Fig. 1.3), whose ratio seems still to be rising rapidly, but will peak a bit later than in Euro-American countries.