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Back from the grave; Property in Japan.(A long-awaited rebound in a post-bubble market)(commercial property)

It has taken 16 years for commercial-property inflation in Japan to turn positive

THERE was a time when the price of the land surrounding Japan's Imperial Palace (about the size of Disneyland) was said to be worth more than the whole of California. Apocryphal, surely, but it summed up the hype during Japan's property bubble in the late 1980s. When prices plunged--by as much as 80% in two years--it took the economy more than a decade to emerge blinking out of the bomb crater. Only now is Japanese commercial property showing renewed signs of life.

Prices of offices and commercial premises jumped by 10.4% last year in the three biggest cities, Tokyo, Osaka and Nagoya. In ...

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