The US Federal Reserve, the European Central Bank (ECB) and Bank of Japan (BOJ) have all been hyper-active in recent decades. But the low-rate policies have not produced the same outcomes.
The US, after home prices declined in 2008 and 2009, took a while to recover. Only in 2012 did US home prices begin to rise again.
Germany’s house prices also fell, but started rising again in 2010.
Japan is a different story. Despite staggering increases in asset purchases by the BOJ (and negative lending rates), Japan has experienced a decline in housing prices.
So, The Fed’s Yellen, ECB’s Draghi and BOJ’s Kuroda have had different easing experiences.