The March 11 earthquake and ensuing tsunami created the worst disaster post-war Japan has faced. How has the real estate market been affected? Gardner Robinson finds out.
How has the Japanese government responded to assure companies can continue confidently investing in Japan?
Takuya Ishikawa may not seem like you typical Japanese bureaucrat. His friendly demeanour and energy reminds one of former Prime Minister Junichiro Koizumi.
His government track record includes working on private sector financing for urban development projects, participating in WTTO Agreement negotiations, and working on issues such as economic surveys, personal information protection and settlement legislation.
He draws on this experience when discussing the government’s response to March 11, the blueprint for recovery, and how it affects real estate investment in Japan.
“Prior to the disaster, cross-border transactions were on the rise and so were the amount of J-REITS stocks being purchased (by foreign and Japanese investors.) After the disaster, many foreign investors sold their stocks, while Japanese investors kept them. I think the foreign investors will come back, especially once we survive the summer energy cutbacks, and then there will be a great demand for reconstruction.”