那么在第一年出现1%的通货紧缩后，央行在之后的几年中将设定超过2%的年通胀率（比如第二年通胀率为5%）从而使价格重新回到目标水平内。

Then after deflation of 1% in year one, the central bank would aim for inflation of more than 2% in later years (inflation of 5% in year two, say) to bring prices back up to the target.

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相比之下，把价格水平作为目标的中央银行为了弥补差额，在下一年它将力图把通胀率提高到3%以使价格水平达到104。

In contrast, a central bank that targets the price level wants to make up any lost ground on prices. It would seek to raise inflation to 3% in the second year to get to a target of 104.

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具体来说，要实现通货紧缩的日本经济其居民价格指数的年增长维持在0%-2%之间（非官方的目标为1%），零利率的政策才有可能改变。

Until deflationary Japan sees consumer prices rise by between 0% and 2% a year (with an unofficial aim of 1%), the long-standing near-zero policy rate will remain.

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