Not just immigration, Japan also doesn’t rely on real estate speculation to drive middle class wealth. Houses and buildings have always depreciated and even lan

Not just immigration, Japan also doesn’t rely on real estate speculation to drive middle class wealth. Houses and buildings have always depreciated and even land stopped appreciating after their bubble popped nearly 30 years ago. No one buys real estate to build wealth, but simply to live there. So they’ve got a huge head start in contraction economics.