Well, actually Japan's interest rates haven't been falling they have been below the inflation rate (eg mostly below 1) for the last 30 years. That is literally

Well, actually Japan's interest rates haven't been falling they have been below the inflation rate (eg mostly below 1) for the last 30 years. That is literally the lost 3 decades since 89, when they had a huge housing crash. https://tradingeconomics.com/japan/interest-rate https://tradingeconomics.com/japan/interest-rate No housing is not a financial asset in Japan. However, China where they have built massive quantities of housing, it is an exceptionally expensive financialized asset, because that is where lending went.