They haven't tried just about anything. They haven't tried printing enough money.
As a counterfactual: if you can print arbitrary amounts of money without raising inflation, you can just gradually buy up all the assets in the world with newly printed money. As far as I can tell, the Japanese central bank does not own the US stock market or all the gold in the world or all bitcoin etc, yet, so they haven't printed enough money.
Btw, what makes you think Japan is a 'steady state economy'? https://fred.stlouisfed.org/series/NYGDPPCAPKDJPN says their real GDP per capita grew fairly steadily over the years. It's just the price level that has been relatively steady, but if that's your yardstick, than just about any economy that used to be on a gold standard would also fit that idiosyncratic definition.
As a counterfactual: if you can print arbitrary amounts of money without raising inflation, you can just gradually buy up all the assets in the world with newly printed money. As far as I can tell, the Japanese central bank does not own the US stock market or all the gold in the world or all bitcoin etc, yet, so they haven't printed enough money.
Btw, what makes you think Japan is a 'steady state economy'? https://fred.stlouisfed.org/series/NYGDPPCAPKDJPN says their real GDP per capita grew fairly steadily over the years. It's just the price level that has been relatively steady, but if that's your yardstick, than just about any economy that used to be on a gold standard would also fit that idiosyncratic definition.