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。

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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。

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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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You are confusing two types of deflation: one is monetary deflation, in which the stock of money falls.

FORBES: Money Creation and Limited Government

And without the ECB as a ready buyer of European sovereign debt when the markets revolt once more, Euro monetary deflation is virtually guaranteed.

FORBES: Monetary Watch, Euro True Money Supply

More immediate, the Bank of Japan continues its strangulating monetary deflation.

FORBES: Japan: Falling Off The Cliff