RESEARCH • October 2023

Zen in the Yen

Japan has traditionally been regarded as a “safe haven” market for global investors. In particular, the multifamily sector is underpinned by solid fundamentals, especially in Tokyo.


The Bank of Japan is looking at uncomfortably high(er) inflation, which threatens to interrupt the accommodative policy rate regime. Shaowei Toh explores why the macro situation should continue to be improve. In particular, we look at how the multifamily sector will be a bright spot for global investors, driven by solid fundamentals, demographic trends leading to more demand for the right kind of properties, especially in Tokyo, where the population continues to grow. Investment is also being supported by a relatively weak Yen, effectively providing a discount for overseas property investors.




Research & Strategy