Saburo Nishiura is using Japan’s record-low borrowing costs to turn the nation’s shrinking population to his advantage.

The 67-year-old former banker is the chief executive officer of Hulic Co., a developer with a concentration of commercial properties in Tokyo’s expensive Ginza district. But the company is cutting the weighting of offices in its portfolio in favor of nursing homes, shops and hotels amid a shift in demographics and after borrowing costs that have fallen by about one-third since Prime Minister Shinzo Abe came to power in 2012.

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