20世纪90年代是一段通货紧缩期，当时各公司大大丧失了他们的提价能力。
The 1990s was a period of disinflation, when companies lost much of their power to raise prices.
首先，我们将终生承受通货紧缩的打击。
这是高通货紧缩下的产物。
央行淡化了通货紧缩的威胁，这种威胁在今年早些时候被强调过。
The central bank played down the threat from deflation, a threat it had emphasised earlier this year.
通货紧缩的威胁？
没人认为通货紧缩本身是可取的。
但是，如果日元继续保持强势，日本就爬不出通货紧缩的泥沼。
But Japan cannot get out of the deflationary mess if the yen keeps strengthening.
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。
Some believe this move has been driven by expectations of low inflation (or deflation) in coming years.
这预示着持续的通货紧缩压力和更低的销售量。
This points to sustained deflation pressure and lower sales volumes.
这对消费者来说是好消息，尤其是通货紧缩的风险在降低。
That's good news for consumers, especially as the deflation risk recedes.
经济的增长以及长年通货紧缩的终结将为国家财政带来新的收入。
Growth, and a definitive end to long years of deflation, would bring the exchequer fresh revenues.
我的结论就是QE2可能产生短期扩张性效果，因此减少对通货紧缩的担心。
My conclusion is that QE2 may be a short-term expansionary force, thereby lessening concerns about deflation.
那只会增加国内外通货紧缩的压力。
That only increased the deflationary pressures at home and abroad.
对经济衰退和通货紧缩的担忧在短期内难以挥之即去。
Fears of recession and deflation will dog these countries for some time.
尽管定量宽松是应对通货紧缩的有效武器，其支持经济复苏的力量有效。
For although QE is a potent weapon against deflation, its power to support recovery is limited.
发达国家看起来不像是正立足于通货紧缩的悬崖边。
The rich world does not seem to be on the precipice of deflation.
没人会怀疑长时间的通货紧缩将造成严重的危险。
No one doubts that a prolonged period of deflation would pose grave dangers.
四月不变得消费价格将缓解通货紧缩的威胁。
Unchanged consumer prices in April will ease the deflation threat.
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。
If anything, the record of quantitative easing in Japan should heighten worries of deflation.
伴随着失业率10.2%和众多的备用能量，美国仍然面对着更大的通货紧缩的威胁而不是通货膨胀。
With a jobless rate of 10.2% and oodles of idle capacity, America still faces a bigger threat from deflation than from inflation.
保持低利率有助于预防通货紧缩的出现。
Keeping rates low would help prevent deflationary forces from taking hold.
通货紧缩的原因并不神秘。
它引起的是虚幻力量的感觉，而不是通货紧缩的夸张的虚弱。
It breeds perceptions of illusionary strength rather than deflation's exaggerated weakness.
他们必须在短期通货紧缩的浅滩与长期消费物价增长的风险中游弋。
They must steer between the shoals of short-term deflation and the longer-term risk of accelerating consumer prices.
现行的复苏是脆弱的：在至少一年里，通货紧缩的威胁始终大于通货膨胀。
The recovery now under way will be feeble: deflation will remain a bigger threat than inflation for at least a year.
出于对通货紧缩的过度担忧，美联储正在执行会导致通胀的政策。
The Federal Reserve is pursuing a policy of inflation out of an erroneous fear of deflation.
要估测产出缺口的大小，及其可能引发通货紧缩的威胁有多大，并不容易。
Estimating how big the output gap is, and how much of a deflationary threat it still poses, is not easy.
美联储曾经拉响了通货紧缩的警报，现在开始解除警报了。
HAVING raised the alarm on deflation, the Federal Reserve has now begun to sound the all clear.
鉴于已经很低的通货膨胀指数，这可能会煽起通货紧缩的恐惧。
That may fan fears of deflation given the already low readings on inflation.
通货紧缩比起现在的通货膨胀更令人担忧。
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