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Tokyo property prices near bubble-era levels

BOJ's easy monetary policy has channeled funding into real estate

High-rise condominiums seen on Tokyo's bayside area. (Photo by Kazuya Hiruta)

TOKYO -- Rising resource costs, a worsening labor shortage and a flood of easy money are pushing property prices in Tokyo to near-historic levels.

Prices for new condos in the greater Tokyo area last year averaged 2.87 million yen ($25,974) per tsubo (3.3 sq. meters), according to data from Real Estate Economic Institute, a private research company. That price peaked at 3.08 million yen in 1990 before the collapse of Japan’s asset bubble. 

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