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Data Analysis for Monitoring Japan's Real Estate Market

March 27, 2015
Yuichiro Ito, Ichiro Muto, Yasutaka Takizuka*
Financial System and Bank Examination Department

  • Currently at the Niigata branch

Large movements in the real estate market not only magnify fluctuations in the real economy but also destabilize the financial system. For this reason, it is quite important for central banks to monitor real estate market trends both in terms of monetary policy and prudential policy. Based on recently enhanced statistics, this article presents a data analysis for monitoring the real estate market from three perspectives: 1) real estate transactions; 2) real estate prices; and 3) real estate finance. In so doing, we explain that dispersions in real estate prices are valuable indicators in detecting overheating of the real estate market.

Notice

Bank of Japan Review is published by the Bank of Japan to explain recent economic and financial topics for a wide range of readers. This report, 2015-E-2, is a translation of the original Japanese version, 2015-J-4, published in March 2015. The views expressed in the Review are those of the authors and do not necessarily represent those of the Bank of Japan.

If you have comments or questions, please contact Ichiro Muto, Financial System and Bank Examination Department (E-mail:ichirou.mutou@boj.or.jp).