1. Overall view
The Tokyo market index is 62.
2. FX
USD/JPY at 156.19 remains supportive for overseas buyers.
3. Yields
Otemachi prime office expected NOI yield is 3.10% and Tokyo hotel 4.15%, both record lows.
4. Exit
Tokyo benefits from a deep buyer pool, but entry price becomes critical when rates rise.
5. Overseas investors
Core Tokyo assets remain familiar and liquid for USD and CNY investors.
6. Risks
Low yields, high prices, supply and yen appreciation are key risks.
7. Conclusion
Prioritize liquidity and NOI growth rather than appreciation alone.