Heh.
Deflation isn't good in general, and is particularly bad in countries with large poor populations that are rapidly growing.
Japan has been struggling since their property/stock bubble burst around 1991. They're just starting to finally climb out of the pit that caused. There have been wrenching changes there even though, on the surface, things don't look too bad. ~ 4% unemployment looks great! But it used to be around 2%...
China is a special case, having a large foreign-exchange horde. But even they are not immune to market forces. And they're still a poor country in many, many respects. India even more so (without the huge $ reserves that China has).
Will they all dodge the bullets? Maybe. We'll see.
Cheers,
Scott.
