Moreover, if deflation were to become entrenched in the eurozone and other parts of the world, a negative nominal return could be associated with a positive real return. That has been the story for the last 20 years in Japan, owing to persistent deflation and near-zero interest rates on many assets.
此外，如果通缩在欧元区和世界其他地区形成长期趋势，负名义回报可能会带来正实际回报。过去20年中的日本便是如此，因为日本经历了持久的通缩，而许多资产的利率接近于零。