The boom does not have to end in deflation.
繁荣并非一定以通货紧缩为终点。
Some worry this could end in deflation.
这最终可能造成通货紧缩。
America is now officially in deflation so real yields on Treasury bonds are around 3%.
美国官方已经正式宣布进入通货紧缩时期，所以美国国债的实际收益大约为3%。
In late 2008, after the collapse of Lehman Brothers, the market was pricing in deflation (see chart).
2008年底雷曼兄弟倒闭后，市场是以紧缩水平来定价(见图表)。
If devaluation were to bring with it a higher inflation rate, that may be no bad thing for an economy Mired in deflation.
如果人民币贬值将带来更高的通胀率，这对陷入通缩的经济来说或许并非坏事。
A rise in nominal values in deflation represents an ever greater rise in real values, so I think gold's price ascent in real terms will be nearly identical in inflation or deflation.
在通货紧缩情况下名义价值的上升表示其真正价值也有一个更大的上升，所以我认为无论是在通货膨胀或是在通货紧缩情况下，实质的黄金价格都会上升。
Deflation is beginning to take hold in the clothing industry.
服装业开始出现通货紧缩。
In 2003, during the last deflation scare, total pay grew by almost 4%.
在2003年，经过上一次的通缩恐慌，工资总额增长近4%。
In addition, deflation is a hidden risk for pension schemes.
此外，通货紧缩也是退休金计划的潜在威胁。
Some believe this move has been driven by expectations of low inflation (or deflation) in coming years.
一些人认为这是由对未来几年低通胀(或通货紧缩)的预期所至。
This protects investors’ principal in the event of deflation.
这在通缩到来时保护了投资者的本金。
In Japan deflation is the problem.
日本的问题则是通货紧缩。
But Greece, Spain and Ireland don't have that option - they don't even have their own monies, and in any case they need deflation to get their costs in line.
但是希腊、西班牙和爱尔兰却没有这种选择——他们没有自己的货币，在任何情况下都需要通过通货紧缩使成本控制在范围之内。
Though exports are recovering, Japan has slipped back into deflation. In the euro zone, recovery was faltering long before the Greek crisis hit.
虽然出口复苏了，日本重新跌入了通货紧缩。欧元区，复苏在希腊危机打击之前早已步履蹒跚。
I ask because deflation in Japan is a well-established fact of life, and Japan's demographics are likely to reinforce expectations of falling prices.
我这样问是因为通货紧缩在日本已经是公认的事实，而且日本的人口特征可能加强日本物价下跌的预期。
Energy policy could also play an important role in counteracting both depression and deflation.
在抗击萧条和通缩的过程上，能源政策也可以发挥重要作用。
This protects investors' principal in the event of deflation.
这在通缩到来时保护了投资者的本金。
If anything, the record of quantitative easing in Japan should heighten worries of deflation.
如果有什么区别的话，日本量化宽松的记录应当提高通货紧缩的担忧。
In the longer run, it could also lead to deflation, in which prices tumble as consumers keep delaying purchases.
长远来看，还可能会导致通货紧缩，也就是投资者不断推迟购买，导致价格暴跌。
The effect of deflation in reducing aggregate demand, known as debt deflation, probably played a significant role in the Great Depression.
通缩于降低总需求上的效应叫做债务紧缩，在大萧条时期它可能扮演了重要的角色。
In contrast, the brief burst of American deflation in 2009 was followed by a strong rebound in prices.
相比之下，美国在2009年短暂的紧缩后，随之而来的是物价的剧烈反弹。
Having enacted policies to curb fuel consumption for decades — and suffered long-running deflation in Japan's case — they have little fat left to cut.
已经实施了几十年的遏制燃料消耗的政策，日本还遭受了长期的通货紧缩，它们几乎已没有进一步削减的余地了。
So deflation in asset prices can turn into a vicious circle.
因此，资产价格的紧缩会带来恶性循环。
Although deflation is in the headlines today, the Fed has to be alert to inflationary pressures in the future.
尽管通货紧缩才是目前的各大报纸的头条，联储局仍不能对未来的通胀压力放松警惕。
It is now caught in a trap between inflation and deflation.
如今，这个国家深陷于通胀与通缩之间。
In theory, this should bring a useful short-term boost to Japanese in-deflation economy (any GDP growth will come from any replacement of lost assets, so it should not be overemphasized.)
从理论上讲，这应该会对日本处于通缩的经济带来一次有用的短期刺激(GDP的任何增长都将来自替换损失的资产，因此不应过分强调)。
No one thinks that deflation in itself is desirable.
没人认为通货紧缩本身是可取的。
No one thinks that deflation in itself is desirable.
没人认为通货紧缩本身是可取的。
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