Deflation?

After trillions of dollars/yen/euros over the past decades, is the next risk from deflation?

In Europe, inflation has been below expectation. Latest measurement is 0.7% that's below last year's 1.1%.

In Japan, the result of Abe-nomics is still unclear but Japan has had weak GDP growth for two decades while experiencing slight deflation.

In the US, the Fed has been targeting 2% inflation and inflation has been about that level. However, the latest number was below the target. The November 2013 Consumer Price Index for Urban Consumers (CPI-U) showed an annual inflation rate of under 1%. Something to fear?