The U.S. subprime crisis will have a limited impact on Japan’s property market rally, which is likely to shrug off the increased borrowing costs stemming from a global drying up of credit, according to investors and analysts.

Land price growth here quickened last year to 8.6 percent from 0.9 percent, the fastest rate since the National Tax Agency started to compile national land figures. As the subprime mortgage meltdown rattles credit markets, foreigners may curb property investments here after economic growth slowed more in the second quarter than forecast.

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