Hey, turns out I actually live in Japan, and have been here for the most recent round of QE.

The value of the yen has dropped something like 33% compared to the dollar (went from $1 = 100 to $1 = 140 in the past 3 years) but yearly CPI increases have never hit above 2 or 3 percent.

Prices have gone up, but mainly due to the sales tax increase, not due to QE. Considering that CPI is almost definitionally linked to inflation, I feel that it's a pretty good indicator of lack of real inflation.

Turns out I live in Japan as well and we must not be shopping in the same places at all, because the prices increases are way more than the difference from 5% tax to 8% tax. I guess it's your opinion against mine.

PS: I noticed you have been in Japan for like 3 years. I have been here for 8 years. I guess some experience counts as well.

Perhaps it might be more correct to say that printing money does not necessarily mean wage inflation, but it is very likely to cause price inflation.

It's a factor, but there are many other factors involved.

In the first QE rounds by the US after the 2008 recession hit, money was being printed to basically end up in bank's coffers, but lending didn't go up correspondingly, so the actual amount of money in circulation didn't really change.

I think the big reason for the link being weaker than expected is that it's the money actually in circulation ( in the "being used" sense) that matters, not the amount of money in existence. It's all just numbers, after all, and if you're not doing anything with them, it's the same as if it doesn't exist.