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Japan's top real estate firms notch record pretax profits

BOJ's negative interest rates push up property prices

Japan's major real estate companies were able to sell property at historically high prices during the April-December period.

TOKYO -- Mitsui Fudosan and two other top real estate companies are expected to report all-time-high pretax profits for the April-December period, underpinned by a property boom triggered by the central bank's negative interest rate policy.

Mitsui Fudosan's pretax profit likely grew 10% on the year to around 160 billion yen ($1.39 billion), its third straight year of record earnings for the nine-month period. Sumitomo Realty & Development and Mitsubishi Estate also each likely saw pretax profits of around 130 billion yen, up 10-20% for their second year of record earnings in the period.

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