Second, over the past five years, since the onset of the current deflationary episode - and, incidentally, since the passage of the new Bank of Japan Law - the price level has trended down, registering a cumulative decline (depending on the price index) of between 4 and 9 percent.
For example, over this period the GDP deflator has dropped nearly 9 percent, the private consumption deflator has fallen 51/2 percent, and wages and salaries are down 4-1/2 percent.