Even considering, ALL officials know Japan case, nobody cared, about make emission.
Because of large grow of export (counted in money), at end of 2017 year, Ukrainian currency hryvnya grown against usd, and Ukrainian exporters suffered huge losses, because their clients don't want overpay, but they have economy tied to usd-hrn conversion rate (they pay compensations to workers in hrn).
Then suffered losses all business working at internal market, because local money becomes very expensive, so their circulating money shrinked.
So country have losses because have not made emission.
Next year world prices dropped again, and country catch small recession.
No, absolutely.
Japan for decades constantly cool hot economy by money emission, sure have extremely large inflation on some products, and no recession.
But left unchecked the 8% rate will lead to recession.
Plus the 8% measurement is likely skewed optimistically downward in addition to having an ever-widening error band of its own.
Double-digit inflation may not be recognized across-the-board right now but it is already here in some places.
Which gives a worse recession than you get after mere single-digit devastation.