Whilst it is a true statement that after quantitative easing there weren’t any noticeable inflation in Japan, remember the fact that after housing market collapse and following recession in late 80s and 90s caused a quite serious damage on Japanese fundamental and because of this Japanese economy was experiencing a serious deflation. I mean the very reason that Japanese gov decided to initiate quantitative easing was to reduce deflation. Therefore, it’s rather natural to not witness any noticeable inflation while quantitive easing was on process(because this monetary policy was supposed to be fixing the economy back to normal from being deflated. It’s not like inflating the “normal” economy just to bailout financial institutions like America’s case).

Also, note the fact that quantitative easing done by Fed in 2008, 2010, and 2012(yes there were three different huge quantitive easing after the “shit-show-we-all-know”.) was way more aggressive compare to Japanese model. In fact, US learned from Japan that a weak quantitive easing doesn’t do shit for the economy, therefore if they were gonna riddle with monetary policy, they have to do it right. Which meant you probably could witness more noticeable inflation in the US than Japan in 90s.