Japan’s real GDP is expected to increase by 0.4% q-o-q (annualized 1.5% increase) in Q3 2022, with steady domestic demand covering the decline in external demand.
Japan’s real GDP is expected to expand by 1.8% in FY2022 and 1.6% in FY2023.
Real Estate Market
Tokyo Grade-A office market continued to soften.
Multifamily rents of family-type increased significantly in Tokyo.
Domestic tourists are leading the recovery of hotels.
Recovery in retails stalled in Q3 2022 after a sharp recovery in the previous quarter.
Logistics markets in Greater Tokyo continue to ease, while Greater Osaka remains tight.
Capital Market
J-REIT Index declined by 1.1% q-o-q in Q3 2022, trading at a price to NAV ratio of 1.0x, 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.