Printing money is like robbing those who still have cash as the currency is devalued. And it doesn't change a thing if you owe money in foreign currencies.

Otherwise, Japan et al. would have long ramped up the printing presses.

Printing money does not create value - by the same amount the money is printed, all previously existing money of that currency is being devaluated. This is of course a convenient way of getting rid of old debts, but not possible if you are in a currency union. Furthermore, you still have to pay back foreign debts, and there is a little chance that they accept your printed money.