Japanese land prices fell for the first time in three years in 2008, according to a government survey released Monday. Average commercial land prices fell by 4.7% last year, while residential prices fell by 3.2%.
The fall in land prices is just another pointer to the very harsh economic conditions being experienced by Japan. Parlous Japanese economic fundamentals are one of the factors presently underpinning USD/JPY. The pairing sits presently at 95.95.
