How the Weak Yen Impacts Foreign Buyers in 2026

2026 Yen Outlook: FX Trends and Risks for Buyers

USD/JPY exchange rate (blue line) vs. US-Japan 10-year interest rate differential (gray line) during 2025. The yen strengthened to ¥140 in early 2025 on Bank of Japan (BOJ) tightening expectations, then weakened back above ¥155 by year-end as U.S. rates stayed high.

Entering 2026, the Japanese yen remains historically weak against the U.S. dollar, trading in the mid-¥150s per USD. This puts the yen near multi-decade lows; by late 2025 it even approached levels (~¥160) last seen 37 years ago. For foreign buyers, a weak yen makes Japanese property cheaper in foreign-currency terms, but it also introduces volatility. Understanding how the yen got here and what could move it in 2026 is critical for timing a purchase.

How the Yen Became Weak

Over 2022–2025, the yen’s slide was driven by interest rate divergence and policy differences. The U.S. Federal Reserve hiked aggressively to fight inflation, while the BOJ kept interest rates at 0% or below. This widened the U.S.–Japan rate gap and made yen assets less attractive, fueling yen selling. Japan’s inflation picked up modestly, but the BOJ only began a very gradual tightening (e.g. ending negative rates in 2024) and market expected U.S. rate cuts by 2025.

Early in 2025, speculation that the BOJ would raise rates (amid 34-year high wage hikes) and the Fed would cut caused the yen to strengthen to ¥140. However, U.S. growth proved resilient and a new Japanese fiscal stimulus weakened confidence in the yen, reversing it back to ~¥155–¥160 by end-2025. In short, persistently low Japanese rates vs. high foreign rates have kept the yen weak.

Current USD/JPY Range

As 2026 begins, USD/JPY is fluctuating around the mid-150s. Many Japanese exporters cite ~¥155 as a “painful” threshold where costs rise, and authorities view moves beyond ¥160 as excessive. This range is the backdrop for buyer decisions: a foreign investor today gets roughly ¥155 for each $1, a significant discount compared to ¥110–¥120 levels common a few years ago.

What Could Move the Yen in 2026

Analysts anticipate a tug-of-war between BOJ and Fed policy changes. Nomura Securities, for example, expects U.S.–Japan interest differentials to narrow and predicts USD/JPY could strengthen to ~¥140 by end-2026 if Japan raises rates and U.S. cuts rates. Mizuho’s outlook, however, sees yen weakness persisting – perhaps pausing around ¥150 in early 2026 if the BOJ hikes slightly, but sliding back toward the high-150s later in the year if U.S. yields rise again.

In practical terms, foreign buyers should be prepared for a wide currency range (perhaps ¥140–¥160/USD). Key triggers include BOJ policy signals (any hint of faster rate hikes could strengthen the yen), Fed policy (rate cuts would weaken the dollar vs. yen), and safe-haven shocks (global market crises tend to strengthen the yen as Japanese investors repatriate funds). Historical episodes like the 2008 financial crisis and 2020’s pandemic saw sudden yen surges as investors flocked to safety.

Sharp Yen Reversal Risks

The yen’s weakest levels often carry the risk of abrupt reversals. Japan’s currency has a long safe-haven reputation – in past global meltdowns or when speculative positions unwind, the yen can jump in value quickly. For example, during coordinated action like the 1985 Plaza Accord the yen strengthened ~50% in two years.

More recently, even verbal or actual intervention by Japan’s Ministry of Finance (MOF) in 2022 caused one-day moves of 5–7 yen in the exchange rate as the yen suddenly spiked stronger. Foreign buyers need to recognize that timing a purchase at peak yen weakness carries the chance that the yen could swing back unexpectedly due to policy or crisis.

This directly affects purchase cost: a 10% yen appreciation (e.g. ¥155 to ¥140) would mean a ¥100 million property effectively costs $100,000 more in USD terms for the buyer. We’ll tie these FX swings directly to buying strategy below.

Bottom line: The weak yen in 2026 offers foreign buyers a rare opportunity to buy Japanese real estate at a significant currency discount. However, the very forces that weakened the yen (rate gaps, policy lags) could reverse or surprise.

Rather than arcane economist language, what it means for a buyer is this: budget a cushion for currency moves. If your home currency is USD, EUR, SGD, etc., know your comfortable USD/JPY range. The yen may not stay at the extreme low end throughout your transaction.

A smart approach is to factor in a possible yen strengthening when planning your finances – that way, if the yen stays weak or weakens further, it’s pure upside, and if it strengthens, you’re not caught short. In short, a weak yen is a bargain for buyers, but a volatile friend. The next sections address how Japanese authorities might intervene, and how to manage the timing risk during your purchase.

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BOJ and MOF Signals: Timing Risk and Policy Moves

Foreign buyers must pay close attention to Japan’s central bank and finance ministry because their signals can whipsaw the yen. A property purchase unfolds over weeks or months – and if a major policy shift or intervention occurs in the middle, your effective cost can change fast.

Here’s what to monitor in 2026.

Bank of Japan (BOJ) Policy Hints

The BOJ doesn’t directly target the exchange rate, but its statements on interest rates and yield-curve control strongly influence the yen. For instance, when BOJ officials started discussing an eventual end to negative rates in late 2023–2024, the yen temporarily strengthened as markets “priced in” future rate hikes.

In 2025, an actual small BOJ rate hike did not produce lasting yen strength (yen gains fizzled as other factors took over). However, any unexpected hawkish turn – e.g. faster inflation forcing more rapid rate increases – could trigger a sharp yen rise.

Foreign buyers should parse BOJ meeting summaries for phrases like “exit strategy,” “inflation above 2%,” or removal of easing bias. These are clues the yen could move. Conversely, if the BOJ remains extremely cautious or signals “we will patiently continue monetary easing,” the yen may stay weak.

Ministry of Finance (MOF) Stance and Intervention

The MOF (via its Currency Chief/Vice Minister) actively monitors yen moves and will verbally intervene when moves are deemed too rapid. Verbal intervention includes public comments such as “We view recent yen moves as excessive and will take appropriate action as needed.”

In late 2025, as USD/JPY neared 155–160, officials sharply escalated their language – saying they would use “all possible measures” to counter disorderly moves. Such comments are not mere talk – they usually signal the MOF is prepared to step in with actual market intervention.

History shows a pattern: first officials say “closely watching,” then “heightened sense of urgency,” then phrases like “all measures without exclusion” (the final warning). When that red-line language appears, markets brace for direct action.

How Fast FX Can Move on Intervention

If MOF does a yen-buying intervention (selling dollars, buying yen), the effect is immediate. In 2022, Japan conducted yen-buying interventions for the first time in decades when the rate hit ~¥145 and later ~¥152 per USD. These operations, some of which were done stealthily, totaled a massive ¥24.5 trillion over 7 intervention days.

The result? The yen jumped by 5–6 yen within hours during those episodes. For example, one intervention in October 2022 saw USD/JPY drop from ~151 to ~144 in a day.

In another case in 2024, when USD/JPY neared 162, Japan spent $36 billion in one go to strengthen the yen.

The key point: if you’re a foreign buyer in the middle of an acquisition, a single intervention could swing your exchange rate by ~3–5% (or more) virtually overnight. During your escrow or closing period, that is significant timing risk.

“Escrow Period” Exposure

In Japan, the gap between signing a purchase contract and final settlement is often 1–2 months. Unlike some countries, Japan doesn’t commonly use long escrow holds with currency locked in; you are expected to pay in yen on settlement day at whatever the market rate is.

This means if you signed a contract assuming ¥155/USD but by closing it’s ¥145 (perhaps due to an intervention or global shock), you must come up with more of your own currency to pay the fixed yen amount.

Foreign buyers are uniquely exposed during this period – a Japanese buyer faces no such risk since their money is in yen. If the MOF intervenes or a surprise BOJ move happens while you’re in escrow, your cost could rise by millions of yen.

Verbal vs. Actual Intervention – Impact on Buyers

Even verbal threats by officials can move markets (perhaps 1–2 yen swings if the market believes intervention is imminent). For example, when the Finance Minister in early 2026 stated that Japan and the US “shared understanding” on currencies and that Japan would act against speculation, the yen’s rise stalled around ¥159 due to fear of intervention.

A foreign buyer doesn’t need to predict policy, but you should set a comfortable FX buffer. If you absolutely cannot afford the deal if yen goes to, say, ¥145, then you either need to hedge that risk or reconsider the timing.

It’s safer to assume the yen could strengthen suddenly by ~5–10 yen if authorities act (they have done so around ¥145, ¥152, and ¥160 levels in recent years).

Timing Risk Tips

To mitigate these policy-related risks, some buyers convert portions of their funds to yen early (staggering the exchange), or use currency forward contracts to lock in a rate for closing (more on hedging in the FAQ).

The main takeaway is to stay alert to BOJ/MOF news during your buying process. If a BOJ meeting is upcoming or the yen is nearing a perceived line in the sand (~¥160), you may want to accelerate the transaction or hedge your currency needs.

Remember, policy moves can quickly erase the FX advantage you had when you decided to buy. Foreign buyers during 2022–2023 saw cases where a dream exchange rate vanished overnight after a central bank surprise or intervention. By being aware, you can avoid being caught off guard.

Does a Weak Yen Mean “Cheap Japan” for Real Estate?

“Cheap Japan” has become a buzzword as the yen languishes. Foreign buyers often imagine scooping up Tokyo condos or Kyoto townhouses at a huge bargain thanks to the currency. The reality is more nuanced. A weak yen does increase foreign demand, but it doesn’t automatically mean every property is on sale.

Let’s break down how different segments react.

Foreign Demand Surges in Weak Yen Periods

Historically, whenever the yen dips, interest from overseas investors spikes. A weaker yen means foreign currencies stretch further, so properties that once seemed expensive in USD, EUR, or RMB now look relatively affordable.

For example, when USD/JPY went from 110 to 150, that’s like a ~27% “discount” for dollar-based buyers. This has led to waves of foreign buying.

In 2024, foreign investors poured roughly ¥740 billion into Japanese real estate, an 18% jump from the prior year, with much of that targeting growth areas.

Buyers from Asia (Singapore, Hong Kong, Taiwan, mainland China) and Western institutional funds all increased activity.

Notably, different buyer types respond differently: Hong Kong and Singaporean individuals often hunt luxury apartments in Tokyo, while U.S. and European investment funds might target office towers or portfolios.

A weak yen even attracted regional Asian funds to secondary cities – one regional city saw 18% of new apartment tenants being foreigners after a surge of Singaporean money flowed in.

Concentrated in Prime Cities and Tourist Hubs

The “cheap Japan” effect is not uniform nationwide. Foreign capital tends to zero in on Tokyo’s prime districts and popular destinations (Osaka, Kyoto, Niseko, Fukuoka, etc.).

This creates hot zones where property prices in yen may actually rise due to competition.

A study noted that yen weakness-driven price increases have been largely limited to urban and resort areas, not the entire country.

For instance, central Tokyo condominium prices have soared – 2023 saw the average new condo in Tokyo’s 23 wards top ¥114.8 million (over $750,000), up 39.4% year-on-year.

Foreign buying was one factor pushing prices to record highs, alongside construction cost inflation.

Meanwhile, rural or less-touristy regions didn’t see foreign bidding wars. Some even face oversupply and did not benefit from the yen’s weakness. In fact, some local markets are struggling with vacancies and saw no price bump from foreign investors.

Buyer Profile Shifts – Who’s Buying

During the early 2010s, Chinese buyers were famous for “bakugai” (explosive buying) of Japanese properties.

By 2025, that dynamic shifted: Taiwanese buyers made up ~60% of foreign condo purchasers in Tokyo’s core (China mainland fell to ~10%).

An official survey found only ~3.5% of new Tokyo 23-ward condos in H1 2025 were registered to overseas residents, but experts argue the real influence is higher – in certain high-end towers nearly half of buyers have been foreign.

The takeaway is foreign demand is concentrated in specific segments (e.g. luxury towers, central locations).

U.S. and European investors are also active but often via funds or REITs focusing on commercial real estate.

For example, foreign funds have heavily bought Japanese logistics facilities and hotels (over 40% of hotel transaction volume in 2024 was foreign-funded).

Individual foreign buyers are mostly seeking condos or houses for investment or personal use, especially in internationally popular neighborhoods.

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Why Yen Discounts Don’t Always Equal Property Discounts

It’s crucial to understand that yen price tags can adjust when foreign demand floods in. Sellers in prime areas know when many dollar or yuan buyers are shopping, and they may hold firm on price (or even raise asking prices) because the buyer is already saving on FX.

For instance, a seller of a Tokyo penthouse might refuse to budge on a ¥300 million price because, at ¥160/USD, that’s under $2 million – a bargain by global standards – whereas at ¥120/USD it would have been $2.5 million. Thus, the seller knows the foreign buyer perceives it as cheap and might not offer a big discount.

In other cases, developers of new luxury condos simply price them higher year-over-year, anticipating foreign interest. This is why FX doesn’t always translate 1:1 into a “deal.” Foreign buyers may find that the weak yen opens the door to higher-end properties, but they aren’t necessarily paying below market value – they’re paying the market price (which might have risen due to buyers like themselves), just translated into less of their own currency.

Tokyo vs. Regional Markets

We should separate Tokyo prime vs. regional opportunities. In Tokyo’s most prestigious areas (e.g. Roppongi, Aoyama, central Shinjuku), demand is so strong – from both wealthy Japanese and foreigners – that prices rarely soften even when the yen is weak. These are “trophy” assets where sellers have global benchmarks in mind.

On the other hand, some regional cities or resort areas can be genuine bargains for foreign buyers. Local sellers there are often motivated (sometimes struggling with a depopulating market) and a dollar or yuan buyer can negotiate a great price.

For example, traditional homes in the countryside (akominka or akiya) can be bought for a song in yen; the weak yen just makes them even more of a steal in foreign currency.

Investors from abroad have noticed secondary cities like Fukuoka, Nagoya, Sapporo where economic growth is decent but prices are far lower than Tokyo – a weak yen amplifies the appeal. These secondary markets saw increased foreign transactions in 2024.

Seller Psychology with Foreign Buyers

Japanese sellers are becoming savvy about currency. Some view an influx of foreign buyers as a chance to get a better deal. Anecdotally, realtors report that when quoting prices to overseas inquiries, sellers are less inclined to negotiate, thinking “it’s already cheap for them in dollars.”

In extreme cases, properties were rumored to have dual pricing – one for domestic, one higher for foreign – though professional agents discourage such practices.

On the flip side, not all sellers target foreigners. For less liquid assets (e.g. an inherited property in the suburbs), a foreign buyer with cash is very attractive regardless of FX, so the weak yen simply helps that buyer close the deal quickly.

Expectations differ by segment: developers of high-end new builds may market more overseas when yen is weak, while individual home sellers generally just care about the yen price they receive.

As a foreign buyer, you should still negotiate on fundamentals (property condition, comparables), but be aware the seller likely knows you have an FX advantage.

In summary, “Cheap Japan” is partially real and partially an illusion. Yes, the yen’s weakness in 2026 gives you more buying power, and many foreign investors are taking advantage of that. But no, it doesn’t guarantee a below-market bargain – in fact, in hotspots the increased foreign competition might mean you pay a premium in yen (even if it feels cheap in dollars).

The best approach is to identify which markets or property types haven’t been “bid up” by the weak yen frenzy. If you find a segment where local demand is soft but you value the asset, the currency is your edge.

If you’re going into an ultra-competitive segment (say, new luxury condos in central Tokyo), recognize that everyone else with foreign currency is also bidding, and the price likely reflects the FX already.

The weak yen is a tool that can create leverage, but smart investors use it where it truly adds value – for instance, negotiating in scenarios where the seller values a quick, certain sale (foreign cash offers can provide that).

Next, we move from macro and market trends to the nitty-gritty costs of buying property in Japan as a foreigner – and how those costs convert when FX rates shift.

FX-Adjusted True Cost of Buying Property in Japan

Buying property in Japan involves a variety of fees and taxes, and as a foreign buyer you’ll be calculating all of them through the lens of exchange rates. In this section, we break down the standard closing costs in yen, then show what those look like in foreign currencies under different FX scenarios.

We’ll also identify which costs are sensitive to currency fluctuations (most are) and which are fixed in yen terms.

Typical Purchase Costs in Japan (Yen)

On top of the property price in JPY, buyers should budget roughly 5–7% of the purchase price in closing costs.

These include:

Agent or Brokerage Fee

Usually 3% of the purchase price + ¥60,000 (plus 10% consumption tax). For any property above ¥4 million, this is the statutory max fee.

Example: on a ¥100,000,000 purchase, the broker fee would be ¥3,000,000 + ¥60,000 = ¥3,060,000 (plus ¥306,000 tax) ≈ ¥3.366 million.

This is paid in yen to your agent at closing. If there are two agents – buyer’s and seller’s – typically each party pays their own agent.

Stamp Duty (印紙税)

A tax stamp on the sales contract. The amount is fixed by the contract price.

For example, a contract between ¥50M and ¥100M requires a ¥30,000 stamp (current reduced rate). ¥100M to ¥500M requires ¥60,000.

So for most individual purchases, stamp duty ranges from ¥10,000 up to ¥60,000. This tax is quite small and won’t make or break your budget – roughly 0.03–0.06% of a ¥100M deal.

Registration and License Tax (登録免許税)

This is paid to register the property title (and any mortgage) in your name.

Reduced rates are in effect: 1.5% of the land value and 0.1–0.3% of the building value for personal residences (rates are slightly higher for investment or non-residential property).

Note, the tax is on the official assessed value, which can be lower than the market price.

In practice, for a roughly ¥100M purchase (assuming perhaps land assessed at ¥60M, building ¥40M), the registration tax might be on the order of ¥0.9M for land + ¥0.12M for building = ¥1.02M.

If you take a mortgage, registering the mortgage incurs an additional 0.1% (reduced) of loan amount.

A judicial scrivener (司法書士) must handle these filings. Their professional fee is usually a few hundred thousand yen (let’s say ¥100k–¥300k depending on complexity).

All combined, title registration + scrivener might cost around ¥1.2M–¥1.5M on a ¥100M purchase.

Real Estate Acquisition Tax (不動産取得税)

This is a one-time tax levied by the prefecture after purchase. You usually receive the bill 3–6 months after closing.

The rate is 3% of the assessed value for land and residential buildings (a temporary reduced rate currently extended through 2027).

This tax is often omitted in closing-cost discussions because it is not paid at closing, but buyers must plan for it.

Using the earlier example of a ¥100M property with a total assessed value of ¥100M, the acquisition tax could be about ¥3M.

However, various deductions often apply. For residential homes, deductions based on floor area and building age can significantly reduce the tax. Many buyers of personal residences end up paying far less after deductions, sometimes only a few hundred thousand yen.

Still, it is wise to mentally reserve a couple percent of the purchase price for this tax and treat any reduction as upside.

Other Costs

Other miscellaneous costs may include:

Fire insurance premiums (often required if you have a mortgage, typically ¥20,000–¥100,000 per year depending on coverage)

Minor registration fees and administrative charges

Loan-related fees if financing is used, including bank arrangement fees (often 1–2% of the loan amount) and loan contract stamp duty (around ¥20,000)

If you are buying a newly built property, the price generally includes 10% consumption tax on the building portion (land is non-taxable). For used properties purchased from individuals, consumption tax usually does not apply.

Total Yen Costs

Adding these together, a cash buyer typically pays around 5% in additional costs for an existing home. If acquisition tax is included before deductions, the figure can approach 7–8%.

If you use a mortgage, total costs can reach around 10% once bank fees and related expenses are included.

The key point for foreign buyers is that nearly all of these costs are incurred in yen. If you have not pre-converted funds, you will be exchanging currency at the prevailing rate when payments are due.

The property price itself, agent fees, and most taxes scale directly with FX movements. A few items are fixed yen amounts, but they are negligible relative to the overall purchase price.

Example Scenario Table

Currency (Buyer)	Assumed FX Rate	Property Price	Estimated Total Cost
USD	¥150 per $1	~$667,000 (¥100M)	~$700,000 (¥105M)
SGD	¥110 per S$1	~S$909,000 (¥100M)	~S$954,000 (¥105M)
HKD	¥19 per HK$1	~HK$5.26M (¥100M)	~HK$5.53M (¥105M)

This table assumes a ¥100,000,000 property with approximately 5% additional costs, resulting in a total outlay of ¥105,000,000.

At ¥150/USD, the total cost is about $700,000. If the yen strengthened to ¥130/USD, that same ¥105M would cost about $808,000. If it weakened to ¥160/USD, the cost would drop to about $656,000.

A 10–15 yen move in the exchange rate can easily shift total cost by tens of thousands of dollars.

Which Costs Are Most FX-Sensitive

All major cost components are effectively FX-sensitive because they must be paid in yen.

Percentage-based costs such as brokerage fees and acquisition tax rise and fall proportionally with the property price.

Fixed yen costs such as stamp duty or scrivener fees become relatively more expensive in foreign currency terms when the yen strengthens, but these are small compared to the property price itself.

For most buyers, FX movement on the purchase price dwarfs all other cost considerations.

A common approach is to pre-convert funds for estimated taxes and fees when the exchange rate is favorable. Some buyers also maintain a yen balance in advance and convert funds gradually to smooth volatility.

Currency Risk in the Purchase Timeline

The Japanese property purchase process exposes foreign buyers to FX risk at several stages. Understanding when payments occur is critical.

1. Property Search and Offer Stage

Once you identify a property, you typically submit a purchase offer or letter of intent. At this stage, no funds are usually transferred, so FX exposure is minimal.

However, buyers often mentally anchor their budget to the current exchange rate, which can be dangerous if the yen moves before closing.

2. Contract Signing and Deposit Payment

After offer acceptance, a formal purchase contract is signed. At this stage, a deposit is paid, usually around 10% of the purchase price.

This deposit is paid in yen shortly after signing. If you have not already converted currency, you will be exposed to the FX rate on that day.

If the yen strengthens between offer and contract, your deposit will cost more in foreign currency terms.

3. Escrow Period

Between contract and settlement, there is typically a 1–2 month escrow period.

During this time, the remaining balance is unpaid, but FX risk remains fully open. Any currency movement during this period directly affects the final cost in your home currency.

This is the highest-risk period for foreign buyers.

4. Final Settlement

At closing, the remaining balance is paid in yen. Whatever the exchange rate is that day determines your final cost.

Japanese transactions do not typically lock FX rates, so buyers bear full currency risk unless they actively hedge or pre-convert funds.

Managing FX Risk During the Timeline

Some buyers choose to convert the full purchase amount into yen shortly after contract signing, eliminating further FX risk but sacrificing flexibility.

Others stagger conversions over time or use FX forward contracts to lock in a settlement rate.

The right approach depends on your risk tolerance and cash management preferences.

Mortgages and Weak Yen: Financing Trade-Offs

Foreigners can obtain Japanese mortgages depending on residency status, income source, and lender policies.

Yen-denominated mortgages reduce FX exposure because both the asset and liability are in the same currency.

However, borrowers earning income in foreign currency face the risk that yen appreciation increases repayment cost in their home currency.

Foreign-currency loans avoid conversion risk on income but introduce mismatch risk if the property and rent are yen-based.

Japan’s low interest rates make yen borrowing attractive, especially when combined with a weak yen, but buyers should stress-test repayments under stronger yen scenarios.

Rental Yields vs. Currency Fluctuations

Gross residential rental yields in Japan are generally modest, often 2–4% in Tokyo and slightly higher in regional cities.

Rental income is earned in yen. FX movements do not affect yen cash flow, but they do affect foreign-currency returns.

A strengthening yen increases foreign-currency income and exit value. A weakening yen reduces converted income but does not change local cash flow.

Long-term investors should consider whether their primary goal is yen income stability or foreign-currency return optimization.

Decision Framework: Buy Now, Wait, or Adjust Strategy

Buying in 2026 favors long-term holders, owner-occupiers, and investors with high FX tolerance.

Short-term flippers, highly leveraged buyers, or those with low currency risk tolerance should proceed cautiously.

Some buyers may benefit from delaying purchases until currency volatility subsides, while others may prioritize securing assets now and managing FX separately.

FAQs

Is 2026 a good time for foreign buyers

Yes, for long-term buyers who understand FX risk. It is less suitable for short-term speculation.

Will the yen strengthen in 2026

Possibly, particularly later in the year, but timing is uncertain.

Can foreigners get mortgages in Japan

Yes, depending on residency status, income, and lender criteria.

How can FX risk be reduced

Through hedging, staggered conversions, shorter settlement timelines, or yen-denominated borrowing.

Do foreigners pay property tax in Japan

Yes, foreign owners pay the same property and acquisition taxes as Japanese owners.

How long does a purchase take

Typically 6–10 weeks from offer to closing.

Final Takeaway

The weak yen in 2026 presents genuine opportunity, but it is not free money.

Foreign buyers who understand currency dynamics, plan for volatility, and focus on property fundamentals can benefit meaningfully.

Those relying solely on FX should proceed with caution.

The yen is cheap, but it is volatile. Plan accordingly.