Japan's monetary base rose 85 percent between 1997 and 2003; deflation continued apace.
1997年至2003年,日本的基础货币增长了85%,与此同时,通货却持续紧缩。
The way to avoid this vicious circle, Fisher said, was monetary expansion that heads off deflation.
费舍尔说,避免这种恶性循环的途径就是货币膨胀,这样就能阻止通货紧缩。
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。
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