Japan Housing Starts Surge More-Than-Expected on Abenomics
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Japan’s housing starts rose for a ninth month in May, the longest streak since the period ended February 2011, as the government’s pledge to end 15 years of deflation fueled expectations for a recovery in property prices.
Construction companies broke ground on 14.5 percent more homes last month from a year earlier, according to a report released today by the Ministry of Land, Infrastructure, Transport and Tourism in Tokyo. Housing starts were expected to rise 6.1 percent, based on the median estimate of 24 economists in a Bloomberg News survey.