There is such a thing as good deflation and, in mirroring late nineteenth century America, the experience of Japan is the authentic modern manifestation of the phenomenon.

FORBES: Is the Bank of Japan Really Easing -- Or Does It Just Want to Depreciate the Yen?

Deflation is actually a good thing, because in a deflation prices drop and money becomes more valuable, so deflation encourages people to save money.

FORBES: Fear Not Deflation

The good news is that deflation may not be as serious as official figures suggest.

ECONOMIST: It is too early to celebrate economic recovery in Japan