I don’t understand why nominal wage wouldn’t rise like everything else. Actually, I think I got it: Cantilian effect takes away purchasing power from most people by shifting it to those closest to the money printer.

À coût de centimes ça ne sait strictement à rien.. L'exemple de la France que la plupart des étrangers ne comprennent pas ces 10 dernieres avec les partenaires est plus criant

Then the malinvestments happen as companies try to meet the temporary fake demand increase. The economy gets a little tilted each time.

Most prices haven't really risen in Japan for a long time. Housing is cheap, food is cheap. So there isn't really any incentive for companies to increase salaries. That will change when inflation starts to pick up as people will be more inclined to find better paying jobs.