Japan proves QE doesn't work: Expert

Does Japan prove QE doesn't work?
Does Japan prove QE doesn't work?   

Japan is now officially in a recession despite its central bank's aggressive bond-buying program, and that's proof that quantitative easing does not work, Peter Boockvar, chief market analyst at The Lindsay Group, told CNBC on Monday.

"The monetary policy path they have gone on now will destroy the country economically," he said in an interview with "Closing Bell."

"We tried QE for 25 years. We have tried zero interest rates for 25 years. What we have not tried is deregulating that country, liberalizing that work force [and] slashing corporate tax rates."

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Japan's gross domestic product shrank in the third quarter, falling at an annual rate of 1.6 percent, a surprising turn of events given Japanese Prime Minister Shnizo Abe's three-pronged Abenomics plan to boost the economy.

However, for Boockvar, a critic of quantitative easing and the Federal Reserve, the news was not so shocking.

"We're seven quarters into Abenomics. The 10-year yield has gone from 1 percent to half a percent. The BOJ [Bank of Japan] balance sheet has doubled. The yen has gone from obviously 75 to north of 100 and this is what we get," he said. "The economy over those seven quarters in a cumulative measurement is up less than 2 percent."

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David Zervos, chief market strategist at Jefferies, disagrees. He thinks the stimulus is working "amazingly well."

"For an economy that's been stuck for 20 years doing the wrong thing, to expect them to turn the Titanic around or turn the whatever ship it is ... I think it's an amazing turnaround," he said.