One caveat to the other answers: Japan's overall population is already shrinking (not hard to find references) but that masks another trend - population flight

One caveat to the other answers: Japan's overall population is already shrinking (not hard to find references) but that masks another trend - population flight to central Tokyo. [0] So it's best to treat central Tokyo as a separate RE market from overall Japan [0] https://www.japantimes.co.jp/news/2017/05/08/national/populations-three-tokyo-wards-expected-keep-swelling-capital-shrinks/ https://www.japantimes.co.jp/news/2017/05/08/national/popula...