To QE, or not to QE, that is the question

So the Fed is winding down QE3 and it has universally been declared a great success. Meanwhile in Japan the BoJ has shocked markets by announcing yet more QE - the world has lost count of how many rounds of QE that makes in Japan. It has clearly not been a great success there.

Why the difference?

I would suggest that the recoveries in the UK and US have much more to do with a swiftly recapitalised banking system then any effect from QE. QE may have helped, but non-zombie banks I would suggest are more crucial. Japan can keep on QEing as much as it wants, but until it sorts out its banks nothing will change. Except maybe the country going bust.