11 It is mind-boggling to imagine how this 87% decline in commercial land prices in the heart of Tokyo, which is the center of the Japanese economy, affected business activity in general. The same is true for residential property markets, though to a lesser extent.
Moreover, since investment in industrial sectors is often long-term and irreversible,  9  This view has been expressed notably by many Federal Reserve officials in the past. 10  This view is articulated in White, W., “Is Price Stability Enough?” BIS Working Paper No. 205, April 2006, Bank for International Settlements.