You somehow think that the demand/supply curve is linear. Why? It would be quite odd. Certainly Japan has generated far more currency and debt over the last 35

You somehow think that the demand/supply curve is linear. Why? It would be quite odd. Certainly Japan has generated far more currency and debt over the last 35 years while inflation stayed low (and the relative value of Yen stayed high). I don't see any explanation for that here any more than the yearly gyrations of other currencies crypto or fiat.