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A quick web search reveals unsurprisingly the Zimbabwe hyperinflation has been studied by economists, and the first and only study I looked at beyond any surprise completely affirms both points:
originally posted by: ScepticScot
a reply to: fractal5
In simple terms Zimbabwe experienced hyperinflation largely due to incrediblely badly structured land reforms driven by political pressures. Germany experienced hyperinflation due to collapse of its productive capacity and huge debts denoted in a foreign currency (a crucial difference).
Japan issues it's own debt, in its own currency at an interest rate of its own choosing. I am also not clear if you understand that even if the interest rate was higher then this only effects new debt not existing bonds. It would probably also interest you to check who the largest holder of Japanese government debt is. (Hint it's the same people who issue it).
Comparisons to Greece are meaningless as Greece effectively uses a foreign currency.
There are two key problems with assuming that a increase in government deficit spending results in an increase in inflation.
The first is your assumption that there is such a thing as normal velocity of money. If demand is too low as in Japan (and by extension velocity low) then there is nothing inherently going to increase it to a 'normal' level.
The second is that government issued money (base/outside/high powered whatever your preferred terminology) only makes up a small part of the overall money supply. The majority is bank lending which again is driven by demand.
Basically the Quantity Theory of Money assumes that governments control the money supply, velocity of money is constant and the economy is constantly at maximum production. As none of these things are true it isn't particularly useful in real world analysis.
The ongoing problem with the Japanese economy is lack of domestic demand to fuel growth. Japan is traditionally a nation of savers and the domestic private held bonds are higher than most comparable countries. While inflation may be a long-term issue as it may be for any country it is not likely to be one in the near future (again barring a major supply side shock) and if it does become a problemJapan has all the economic tools it would need to deal with this at the time regardless of current borrowing.
hyperinflation in Zimbabwe is explained by the use of money printing as one of the major source for financing government deficits, especially since the beginning of the new millennium. Thus to break this vicious circle, as suggested by the sensitivity test as well as other countries’ successful hyperinflation stabilization programs, Zimbabwe need[s] to seriously reduce its money supply