Japan’s multi-year deflation battle may be entering its most dangerous phase yet: contagion.

The economic version of the pandemic upending nations everywhere might not be existential. But it does mean the specter of Japan-like funks around Asia can’t be downplayed.

Not with Malaysia, Singapore, Taiwan, Thailand and others suddenly registering consumer price declines.

Or South Korea, Asia’s No 4 economy, which is on the verge of negative prices. China, in the meantime, has been grappling with wholesale price deflation all year.