Second, in terms of demand, demographic forces, notably migration and urbanization, have played a role in the evolution of house prices, as have improving credit conditions through lower global real long-term interest rates and financial liberalization and innovation. There are, of course, other demand factors that warrant more data and analysis, including the impacts of foreign investment and possible preference shifts.
Although Japan’s financial system was relatively robust when the crisis struck, it was not immune to the crisis. Looking back at the situation, there was a large impact on Japan’s financial markets.