I'm not sure I buy that simplistic argument. As a counter-example, residential property in most exUSSR experienced significant price increase during previous 30

I'm not sure I buy that simplistic argument. As a counter-example, residential property in most exUSSR experienced significant price increase during previous 30+ years while populations of those countries mostly decreased during that time (and often much more significantly than in Japan). Why? Because people were (and often still are) convinced that it is best investment for them long-term.