Japanese land price slump deepens

Land prices in Japan fell for the 10th straight year, with the latest annual figures showing a 4.1% tumble that reflects the nation’s lingering economic slowdown, a Government survey indicated today.

Corporate restructuring accelerated land sales and drove down the average price of commercial land 6.6% over the 12 months ending July 1. Prices for residential land slipped 3.3% for the period.

Compared with land values at their 1991 peak, commercial land prices declined 47.8% and residential prices fell 19.8%, the Ministry of Land, Infrastructure and Transport said.