Household Asset Selection and Real Estate in Japan - The Land Price Rebound's Impact from the Perspective of Regional Characteristics

Abstract

With the sustained period of land price deflation following the collapse of Japan's economic bubble having finally ended, real asset plays an important role in household asset selection. This paper identifies the characteristics of household assets by prefecture to examine the impact that the land price rebound has on household asset selection by region. It also looks at these regional characteristic through a comparison with the bubble years, the last period of rising land prices. The paper concludes with a forecast that the land price rebound's impact will differ by region, even among the major urban areas where land prices continue to rise.

Keywords: household asset selection, real asset, region, Japan

JEL Classification: D19, D31, R20