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Is It Bubble Time Again for Japan’s Real Estate Companies?

Condos and Apartments As Tokyo Housing Boom Nears Its Peak
Photographer: Akio Kon/Bloomberg

Japan’s real estate firms are entering dangerous territory. That’s the assessment of S&P Global Ratings, which said in a report Friday that the sector’s debt levels now eclipse that of the nation’s bubble era.

Remember that? It was back in the 1980s, when newspaper headlines proclaimed that the grounds of the Tokyo Imperial Palace were valued at more than all of the real estate in California.