Japan’s real GDP is expected to increase by 0.8% q-o-q (annualized 3.2% increase) in Q2 2022, driven by the rebound of consumption after the lift of the quasi-state of emergency.
Japan’s real GDP is expected to expand by 2.0% in FY2022 and 1.7% in FY2023.
Real Estate Market
In the Tokyo Grade-A office market, rents continued to decline, but the q-o-q decline decelerating.
The decline in multifamily rents appears to have bottomed out in Tokyo.
The lift of the quasi-state of emergency led to the recovery of hotels and retails.
In Greater Tokyo logistics markets, the supply-demand balance is expected to continue to ease.
Capital Market
J-REIT Index declined by 1.8% q-o-q in Q2 2022, trading at price to NAV ratio at 1.02x, dividend yield at 3.7%, and dividend and JGB spread at 3.5%.
This report includes data from various sources and NLI Research Institute does not guarantee the accuracy and reliability. In addition, this report is intended only for providing information, and the opinions and forecasts are not intended to make or break any contracts.