Agreed. A lot of very smart money managers with solid long-term track records agree that the long-term outlook & return potential for both equities & bonds is very unfavorable. Those that doubt that can simply read up on the similarities to the massive credit bubble that popped in the US & many European countries circa 2008 when the US & other major CB’s, just like Japan nearly 2 decades before us, embarked on massive & unprecedented (at the time) intervention in the financial markets including, (just like the BOJ back then) a ZIRP & QE after their comparable credit bubble burst back in the early 90’s: https://en.wikipedia.org/wiki/Lost_Decade_(Japan)
Here’s how the $Nikkei did since then ( I turned of log scaling for dramatic effect although it levels are the levels & the net effect is the same)…