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The long-predicted free fall in prices did not occur.
An oversupply in the luxury market contributed to a fall in prices of 11%.
That implies either a bigger fall in prices or a longer period of stagnation.
But another persistent fall in prices would be a sign of policy failure.
The boom is being spurred by a sharp fall in prices and improvements in performance.
The result was not just deflation (a fall in prices) but also high unemployment.
Deflation is a damaging fall in prices, profits and wages, and it weighs on economic growth.
The fall in prices led to several stock exchange panics (Vienna 1873 and Paris 1882).
Adjusting for the fall in prices, Japan's economy contracted 0.6percentt in the first quarter.
Growth and productivity would rise, and consumers would benefit from a fall in prices.
The Japanese program helped prevent a big fall in prices, but it wasn't big enough to jump-start inflation.
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