• Kyodo News

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Land prices have dropped across Japan for the first time in four years, testifying to the severe effect of the global financial crisis on the domestic real estate market, according to data released Wednesday by the National Tax Agency.

The average price of land per sq. meter along selected thoroughfares fell 5.5 percent, or ¥8,000, from a year earlier to ¥137,000 as of Jan. 1, the agency said.

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