There is a subtle 'collusion' between government debt and inflation. The underlying reason for the persistent currency depreciation is simple—when fiscal spending spirals out of control, the central bank actually doesn't want to truly bring inflation back to the 2% target.

Frankly, there's a calculation behind this: rather than strictly controlling inflation, it's better to tacitly accept higher inflation to help erode debt. Once the inflation rate stays at 3% or higher, those nominal debts accumulated over many years can automatically 'shrink' through currency devaluation. This way, there's no need for direct default, and debt reduction can be achieved by diluting the currency.

The next step is likely to be an official increase in the new inflation tolerance to 3% or above. This is not an accident, but a visible 'fiscal redemption'—using moderate inflation to ensure debt sustainability.