Deflation may save Japan, not destroy it

The government has amassed a ?666 trillion debt load by building bridges no one uses and tunnels to nowhere.

To avoid modernizing the nation's economy, Japan is still offering artificial life to companies that couldn't survive under normal market conditions.

All of this explains why Tokyo finds deflation so frightening. It's a force it can't control -- and one that could bring about fundamental changes in the economy.

For those reasons and more, falling prices may actually end up doing more good here than bad.