what sort of trading is going on?, page-30

The Japanese base rate is 0.1% and has not changed. Here is a quick guide to world base rates:
http://www.housepricecrash.co.uk/base-rates.php

The article in The Australian did NOT state there was a general rise in interest rates in Japan from 2% to 4%. The article was specifically about one type of loan from state backed entity to a small group of Japanese mortgage borrowers who represent at most some 2-3% of the total residential loan market. Effectively this was a step-up product whereby mortgage rates rise in the latter part of the loan life - everybody knows this in advance so no surprise. The Japanese do not have the same propensity to default on residential loans as say the US - in the last 10 years the default rate has stayed between 0.1-0.2% pa.

So there is no general effect on Japanese interest rates or by extension on BJT's future interest rates. Indeed at present it looks like the substantial fund the Govt. has committed to bailing out struggling REITs is beginning to work, even in a bad week for the markets the key TSE REIT index closed above 1000. (It has been under 1000 since October 2008)
http://www.bloomberg.com/apps/quote?ticker=TSEREIT:Ind

There are still serious problems in the Japanese economy to do with the collapse in exports, and the strong yen, but rising interest rates are not currently a problem.