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Japan Land-Price Drop Eases as Housing Measures Spur Demand

Japan’s land prices dropped at a slower pace for a third year as low interest rates and tax incentives supported housing demand.

The nationwide average price slid 2.7 percent as of July 1, compared with a 3.4 percent decline a year earlier, the Ministry of Land, Infrastructure, Transport and Tourism said in a report released yesterday. Prices have fallen for 21 years, according to the report, which the ministry releases every year.