Answer: If the world's major central banks coordinated a massive stimulus response to the Kress deflationary cycle they could possibly succeed in mitigating the deflationary impact of the cycle.
The problem is that while the BOJ, Fed and China's bank are pumping money, the governments of the major countries, including the U.S., are embracing deflationary policies like austerity and deficit reduction. I see no coherent response to the Kress cycle as yet.
The other point to consider is that even if the world's central banks successfully staved off the 120-year cycle, once that cycle bottoms in late 2014 there will be a tremendous lifting of deflationary pressure. In other words, a new inflationary long-term cycle begins.
What happens when all the excessive liquidity these banks have created is suddenly put to work after 2014? Massive inflation would be the most likely result. The central banks may end up getting more than they bargained for in their fight against deflation.