Chief Cabinet Secretary Shinzo Abe on Friday ruled out the possibility of another “land bubble,” a day after a government report showed a pickup in commercial land prices in Japan’s three largest metropolitan areas.

“Overall, land prices continue on a downward trend in reaction to the collapse of the bubble witnessed in the late 1980s, and land asset deflation is not yet over,” Abe said at a news conference after a Cabinet meeting.

Abe attributed the price rise in the metropolitan areas partly to an improvement in convenience and profitability as a result of urban renovation projects.

“Prices did rise in some parts of the country, but this does not mean there is another bubble in the making,” the government’s chief spokesman said.

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