Partly as result of such entrenched deflation, and the associated waning of risk appetite, nominal GDP in Japan is at its lowest level since the first quarter of 1991.

目前，日本名义GDP处于自1991年第一季度以来的最低水平，部分原因就在于如此根深蒂固的通缩，以及风险偏好的相应减弱。

youdao

The fundamental cause of deflation, he said, was the protracted downward trend in Japan's underlying GDP growth, caused both by the decrease in the number of workers and declining productivity growth.

“他说，通货紧缩的根本原因在于日本潜在GDP增长呈现持续下降趋势，致使就业者数量和生产率增长出现下滑。”

youdao

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)。

youdao

Japan's nominal GDP has been squeezed by deflation.

ECONOMIST: The balance of economic power

Washington politicians are pointing the U.S. economy straight into a liquidity trap and instead of a bright economic future, the U.S. is looking at years of high unemployment, weak GDP growth and the possibility of widespread deflation.

FORBES: Goodbye Recovery, Hello Recession

According to the GDP deflator, a broad index of prices, deflation tightened its grip on the economy in the fourth quarter, with prices falling at an annual rate of 4.4% (see chart).

ECONOMIST: A renewed force in Asia