Proposals currently focus on increasing taxation for those owning multiple residential properties, rather than on taxing properties only in situations where property value exceeds a certain threshold. If implemented, such fiscal policy measures, in combination to the intended changes in the borrower-based instruments, would have a powerful impact in cooling the currently heated housing market.
Forecasts are the medians of the Policy Board members' forecasts excluding the effects of the scheduled consumption tax hike (point estimates). Sources: Ministry of Internal Affairs and Communications; Bank of Japan.