The average land price in Japan rose 1.5% in 2023 from a year earlier for the second consecutive year of increase, government data showed Monday, adding to signs of the economy recovering from the coronavirus pandemic.
A recovery in prices for commercial areas led the overall trend, according to the data as of Jan. 1, after the government eased COVID-19 measures, including immigration controls, stimulating hopes that businesses will be revived with the help of demand from foreign tourists.
Out of the nation's 47 prefectures, 25, including Tokyo and Osaka, observed higher average land prices. That compares with the pre-pandemic level of 21 prefectures marked in 2020, the National Tax Agency data showed.