I can't believe that anyone who actually lives or has lived in Japan and who has also lived outside of Japan could defend the property market in Japan, so I am

I can't believe that anyone who actually lives or has lived in Japan and who has also lived outside of Japan could defend the property market in Japan, so I am willing to presume that you are not in that group. It's a corrupt, poorly regulated market that suits the construction industry and produces - on the whole - ugly, poorly insulated and tiny living spaces, surrounded by concrete (again, the amount of concrete used seems to be driven by corruption) that leads to overpriced land and buildings that depreciate so much that they are destroyed within one or two generations. A quick search of this site alone will bring you reams of complaints about Japanese housing and plenty of good reasons why it should not be held up as an exemplar.