With an eye towards the 2020 Olympic and Paralympic Games, land prices are rising in Japan, with a district in Tokyo hitting a record high.
On Monday, the National Tax Agency released land price assessments as of January 1st. The figures are used to calculate inheritance and gift taxes.
Land in a part of Tokyo's Ginza district is nearly 360,000 dollars a square meter. The area has been Japan's most expensive for 32 years. And it jumped 26 percent in yen terms from last year, following redevelopment projects for the Olympics.
Nationwide, prices rose by an average of 0.4 percent. That's a second consecutive annual increase. It comes as big cities and resorts see more construction of hotels and other facilities as foreign tourists flock to Japan.
◆assessment 評価、査定
◆as of ～現在で
◆flock 群がる、どっと集まる、押し寄せる
