Japan's key land prices rise for 2nd straight year in COVID recovery

TOKYO -- Japan's key land prices rose for the second straight year, the country's tax agency said on Monday.

Japan's National Tax Agency announced the prices of land that adjoin major roads (as of Jan. 1) for 2023. The prices of the roughly 320,000 standard residential lots rose an average of 1.5% from the previous year, marking the second straight year that prices have increased. The rate of increase was 1 percentage point higher than in 2022 as the impact of COVID-19 fades and crowds and economic activity return, especially in tourist and downtown areas.