  The aim of this paper is to compare statistical properties of a bubble period
with those of the anti-bubble period in stock markets. We investigate the
statistical properties of daily data for the Nikkei 225 index in the 28-year
period from January 1975 to April 2003, corresponded to the periods of bubbles
and anti-bubbles. We divide the time series into two parts, the period of {\it
inflation (or bubbles)} from January 1975 to December 2002 and the period of
{\it deflation (or anti-bubbles)} from January 1990 to December 2002. We find
that the volatility in the inflationary period is approximated by the
$q$-exponential distribution with $ q = 1.14 $ while the volatility
distribution in the deflationary period is accurately described by an {\it
exponential} distribution, that is, the $q$-exponential distribution with $ q
\to 1 $. Our empirical findings suggest that the momentous structural changes
have occurred at the beginning of 1990 when the speculative bubble was
collapsed in the Japan's stock markets.
  Keywords: econophysics, inflationary period, deflationary period, power law,
exponential (Bolztmann-Gibbs) law; PACS 89.90.+n; 05.40.-a;
