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。
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。
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。
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。
Keynes was writing about an absolute "fall in prices relative to costs," during deflation.
在通货紧缩的时期，凯恩斯正在鼓出绝对的“价格相对于成本下降”这样一条理论。
Deflation serves no benefit to the Federal Reserve, as declining prices spur positive-feedback panic selling and bank runs, and debt repayments in nominal terms under deflation cause real losses.
通货紧缩对美联储没有益处，下跌的价格刺激正反馈的恐慌性抛售和银行挤提，以及在通货紧缩下以名义价偿还债务造成的真正损失。
Bullard has warned since last July about a risk of Japanese-style deflation in the U.S. while calling for purchases of Treasury securities to reduce the threat.
布拉德从去年7月份就开始警告美国可能面临着日本式的通货紧缩的风险，并且呼吁购买国库券来降低这一风险。
Mr Motani argues that deflation in Japan is not so much a monetary problem as a structural one linked to bad business decisions and demography.
Motani认为与其说日本的通货紧缩是一个货币问题的话，不如说是一个与错误的商业决策和人口统计学有关的结构性问题。
Japan had a brief period of deflation in the mid-1990s, followed by a more consistent pattern of flattish prices over the past decade.
日本在20世纪90年代中期经历过短暂的通货紧缩时期，而在过去十年物价较为稳定。
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。
So, in the debate about inflation and deflation, both camps could be right but at different times.
这样，通胀和通缩辩论的两造，都有可能是正确的，不过时间不同罢了。
In Japan, by contrast, the yen stayed strong as the economy slumped, deflation set in and the banking problems grew.
在日本则相反，在经济下滑、通货紧缩以及银行业的问题越来越多的情况下，日元则一直保持强势。
The economy failed to recover and deflation set in.
经济未能恢复元气，通货紧缩乘虚而入。
The economy failed to recover and deflation set in.
经济未能恢复元气，通货紧缩乘虚而入。
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