What'll it be? Inflation or deflation? Or both?

Lost in the fear of inflation that has gripped many for months, is the reverse and almost silent bull market killer, deflation. In recent days however we have seen that deflation has again made the news.In Japan it was reported that "."..wholesale prices fell a record 6.6 percent in the year to June, as the world's No.2 economy slides deeper into deflation",In Ireland, the TimesOnline reports