You don’t have to take my word for it. QE doesn’t work and it never has. That’s not just my assessment, pull out any chart of interest rates for wherever gets the misfortune of having been wasted with one of these LSAP’s. If none handy, then just read what officials and central bankers write about their own programs (or those of their close and affectionate counterparts).
After nearly a decade of Abenomics in Japan, the latest Japanese Prime Minister Fumio Kishida is publicly expressing his desire to move on from it. Run away at all speed. Of its purported three arrows, the Bank of Japan’s QQE was by far its biggest – in theory.
So much “money printing”, even Paul Krugman had been impressed.
In practice, it always ends up with something different. Kishida is