Yeah, we're agreed that j cannot be less than 0.
But your conjecture was about _every j > 0_.
Do you have any specific line of reasoning which suggests that j can be arbitrarily close to 0 (0 is the greatest lower bound)? Why do you not think there's some other specific limit k \in (0, 0.3728596] beyond which j cannot be improved?
It's clear that the algorithm needs at least O(N^2) because to access each element of the matrices once, you need a double for loop, which is O(N^2).
so it has to be j >= 0