That's a big reason too, but also because their population is declining. https://www.google.com/search?q=japanese+population+growth+rate https://www.google.com

That's a big reason too, but also because their population is declining. https://www.google.com/search?q=japanese+population+growth+rate https://www.google.com/search?q=japanese+population+growth+r... What do you think happens to housing units per capita as population levels decline? The US and China are on the same path, just some years behind. We can ignore demographics for the next handful of years, but it will become very impactful on a 10+ year time horizon. China will deal with the inverted population pyramid sooner than us, so it will be interesting to see if that affects their GDP surpassing the US. Anyway, the property sector will be super interesting in 50 years, when everything is overbuilt relative to population size. I imagine eventually rents will naturally become deflationary