Printer is coming, regardless.
I’m more speculating on how the US & Japan handle the first country to reach the natural conclusion of fiat before everybody else has arrived.
Discussion
The way they're doing it: the US will print. There's no way they're letting Japan or anybody else replace the petrodollar, that's the whole point of bailing them out.
The US will print regardless. They have to.
But Japan holds too much US liabilities. They can’t move them without fucking with the US and the US won’t allow that; nor is Japan isn’t stupid enough to buck.
A Plaza Accord 2.0 won’t cut it.
There are very few options which don’t destroy Japan and force them to liquidate their USD holdings.
Allowing them and them alone to buy oil in Yen is one thing that might buy some time for both Japan and the US.
Of course once the precedent is set a new spiral begins..