When you are printing money right into the stock market, what has happened? Seriously, what is the objection to helicopters full of cash? A liquidity trap might be better termed a 'class trap'. Central bankers just can't seem to devise a solution that doesn't begin with the upper crust. The first solution is to flood the banks with cash. Here in the US, that resulted in a bond market bubble fueled equities bubble. It appears the BOJ is going straight for the equities bubble route. Can you imagine what happens once the government has its list of targeted equities? You want inflation and economic stimulus? Mail everyone a $500 t-note that matures the next day. I can't see this as anything other than a failure of imagination that stems from extreme economic isolation.