Japan land prices rise most in 33 years, but foreign investors shy away

Tourism rebound, chip investment and returns to office buoy prices around country

20240326N Tokyo skyline

Commercial land values in Tokyo have risen 7% on the year as companies bring workers back to the office. (Photo by Konosuke Urata)

SATSUKI KANEKO and TAKANORI OKABE, Nikkei staff writers

TOKYO -- The value of land in Japan has climbed by an average of 2.3% on the year, marking the sharpest gain in 33 years as the market follows stocks and wages upward in a turning point from decades of deflation.

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