Japanese land prices rise for a fifth year

TOKYO, Sept 15 (Reuters) - ‌Japanese land ​prices ​rose 1.5% in the year to July 1, marking a fifth straight year of ‌gains and maintaining the strongest pace of growth ⁠since the aftermath of the country's asset-price bubble more ‌than three decades ago, data ‌showed on Tuesday.

While the Bank of Japan has said it sees little sign of overheating in ​asset prices, the survey will likely be among factors it will scrutinise in determining how ⁠swiftly it should dial back stimulus and raise still-low interest rates.

The ​increase matched last year's rise, which was the largest since a 3.1% gain in 1991, ​when property prices and the ‌economy were beginning to lose steam after years of red-hot growth.

The data suggests ⁠Japan's land market remains supported by a gradual economic recovery, with residential and commercial property prices continuing to ⁠rise across much of the country.

Average land prices across the ​Tokyo, Osaka and Nagoya metropolitan areas rose 4.4% from a year earlier, up 0.1 percentage point from the previous year, ‌the data showed.

Tourist destinations continued to benefit from a surge in inbound visitors. ‌Hakuba, located in Nagano Prefecture, saw commercial land ⁠prices jump 35.6% reflecting ‌strong demand in ​the popular alpine tourist destination.

(Reporting by Kentaro Sugiyama; writing by Leika KiharaEditing by Shri ‌Navaratnam)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• China September rare earth exports rise 6.7% from a year earlier
• Explainer-How Singapore's unique monetary policy works
• IMF says it is not recommending faster UK fiscal consolidation