Japan Land Prices Extend Gains for Fifth Straight Year
Japanese land prices rose 1.5% in the year to July 1, a fifth consecutive annual increase and the strongest pace since the early 1990s.
Japanese land prices increased 1.5% in the year to July 1, extending an annual run of gains to a fifth straight year, official data showed on Tuesday.
The rise matched last year's increase, which was the largest since a 3.1% gain in 1991, when property values and the broader economy were beginning to cool after years of rapid growth. The latest figures indicate the land market remains on a gradual recovery path, with residential and commercial prices continuing to climb across much of the country.
In the three largest metropolitan areas — Tokyo, Osaka and Nagoya — average land prices rose 4.4% from a year earlier, slightly faster than the previous year's pace.
Tourist destinations continued to draw strong demand. Commercial land prices in Hakuba, a popular alpine resort in Nagano Prefecture, jumped 35.6%, reflecting sustained interest from inbound visitors.
The Bank of Japan has said it sees little sign of overheating in asset prices, but the survey is expected to be among the indicators it weighs as it considers how quickly to scale back stimulus and raise still-low interest rates.