Your question for examples of severe deflation is a bit like questioning the social distancing measures against COVID-19: If the policies work, it looks like th

Your question for examples of severe deflation is a bit like questioning the social distancing measures against COVID-19: If the policies work, it looks like they are useless - after all, deflation never really happens, right? The US had many deflational episodes: https://en.wikipedia.org/wiki/Inflation#/media/File:US_Historical_Inflation_Ancient.svg https://en.wikipedia.org/wiki/Inflation#/media/File:US_Histo... But none since Bretton Woods. The current deflational examples like Hong Kong and Japan are no hell holes because deflation was 0.1% (HK) or 2% (Japan) - because of monetary and fiscal interventions.