Japan's property revival right at BOJ doorstep

Tokyo

ANYONE visiting the Bank of Japan (BOJ) these days cannot miss the construction site across the street that takes up a whole city block, part of a renaissance in real estate development that is sweeping the country.

Offices, apartments and hotels are popping up in major cities across Japan as the BOJ's quantitative easing and negative interest rates push bank lending to real estate developers to an all-time high.

Many developers and analysts expect the construction boom, and its economic benefits, to continue ahead of 2020 Tokyo Olympics - a welcome and very visible sign of success for the BOJ.

"Rates are low, so it is easy to borrow money," said Mitsutoshi Tenda, a spokesman at Mitsui Fudosan Co, which is building the 26-floor office and retail complex nex…