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Bottom falls out of land prices in virus-hit urban Japan

Downtown districts lose appeal with stay-home requests, travel bans and telework

Yamano Music in Tokyo's Ginza district: Land values in the most ritzy part of Tokyo slumped up to 3% as weak commercial revenues discouraged high-value deals. (Photo by Yuichiro Takagi)

TOKYO -- Ginza 4-chome, the famous plot in front of 128-year-old musical instrument store Yamano Music, saw land prices dip up to 3% in the latest government survey.

The most expensive real estate in the country was one of 38 districts where prices fell -- up from just four in the previous survey.

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