TY  - SER
AU  - Financial Times
TI  - DOWN IN JAPAN
KW  - JAPON DEFLACION BIENES RAICES POLITICA ECONOMICA MERCADO DE LA VIVIENDA
KW  - DEFLACION - JAPON
KW  - 11
KW  - 3ext129
KW  - JP
N2  - Pity the economic policymakers of Japan. No sooner do they plug one hole in the dam than it springs a leak elsewhere. The latest case in point concerns the property market, where the rate at which prices are falling has started to accelerate again. Given the extraordinary amount of wealth that has already been destroyed in property since the bubble economy period in the 1980s, this is a particularly vicious turn of the screw for the heavily indebted Japanese. And it has the potential to exacerbate deflationary pressures because of the impact on savings behaviour. The problem is chiefly one of negative equity in housing. The outstanding amount of many home loans is well above the value of the related housing. Borrowers then save more in an attempt to close the gap
ER  -