https://en.wikipedia.org/wiki/Lost_Decade_(Japan)
"Trying to deflate speculation and keep inflation in check, the Bank of Japan sharply raised inter-bank lending rates in late 1989."
If you want to "keep inflation low" you'd be crazy to drop interest rates, which is what japan and the US have been doing over the last 30 and 40 years, respectively. The whole point of fiscal stimulus is to try to goose the economy under the threat of impending inflation.
And investments in the stock market, real estate or anything else than actual money are at least protected by usually rising with inflation.
The one group that suffers disproportionally from inflation are the elderly, who receive a fixed pension (/social security) based on their lifetime dues.
Right after that are employees, because wages typically lag behind when inflation picks up.
Quantiative Easing is used as a tool to increase inflation by the central bank through buying stock. Of course this means stock keeps it's value with increasing inflation while everything else doesn't keep up with inflation. Obviously this is bad for those who don't own stock.
not all CBs have two mandates, and if they only have one, not all CBs target inflation.