Lyn covers this topic fairly well in her article on Japan[0]. In short, private debt in Japan has shrunk by 300 trillion yen over the past 25 years. The growth

Lyn covers this topic fairly well in her article on Japan[0]. In short, private debt in Japan has shrunk by 300 trillion yen over the past 25 years. The growth of the money supply is all coming from public debt. It matters who gets the new money and what they spend it on. [0]: https://www.lynalden.com/economic-japanification/ https://www.lynalden.com/economic-japanification/