Real estate prices in Japan are on the rise.

The increases reflect the return of tourism after the COVID-19 pandemic, the reshoring of manufacturing as Japan rethinks economic security and a changing Japanese society as companies and their employees rethink rules of work.

Rising prices are a promising development — as long as they are slow, stable and predictable. They also need to be reflected in other parts of the economy, most particularly wages and income. They too must rise in tandem with real estate.