$2,000 for a Watermelon? That’s a Bargain as Deflation Returns in Japan

TOKYO—A prized Densuke watermelon grown in northern Japan sold at auction on Monday for about $2,000. That’s a lot for a piece of fruit, but down more than 70% from last year’s season-opening auction.

It was another sign that Japan, the first modern advanced economy to tackle deflation more than two decades ago, is facing the return of its stubborn foe.

“There…

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