3.4). Ageing population and property prices As suggested in the Introduction, Japan was faced with a rapidly ageing population after the bubble burst of 1991, while the United States is about to face its own version with a somewhat milder population ageing.
There are many consequences of population ageing, such as differences in consumer preferences and technological adaptability between the  2  BIS central bankers’ speeches  young and the old, but I will concentrate on one particular issue that is pertinent to balance sheet adjustments, namely, the possible effects of population ageing on property prices.