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That blue line at the bottom is the Japanese Nikkei 225 Index from 1985 onwards tells part of the deflationary story and a depressing one it is. Not that the British (the FTSE is the red line)or American (the S&P 500 is in purple) experience for share buyers has been all that flash over the last decade either. They have essentially been profitless markets since the late 1990s as well. By comparison investors in the Australian market have only had four years of a stagnant ASX All Ordinaries index (the green line).