Pointing to Japanese money supply versus inflation is irrelevant because Japan doesn’t fund its fiscal deficit via monetization. It issues debt, just like every other non-basket case economy on Earth.

The distinction is important. Debt is tied to a promise to repay later. Monetization has no such promise, so it’s functionally equivalent to issuing debt and then immediately defaulting. So long as lenders believe debt will be repaid, the effects are different from monetization.