As i expected.Tokyo, August 20, 2013 -- Moody's Japan K.K. says...

As i expected.

Tokyo, August 20, 2013 -- Moody's Japan K.K. says that higher property prices -- resulting from the government's policies of emphasizing GDP expansion and higher inflation -- would facilitate the refinancing of CMBS loans to pay back investors and improve recovery rates for defaulted loans.

Moreover, although normalized interest rates that would be higher than today's rates are a negative for refinancing, Moody's believe that refinancing risk for the underlying loans of CMBS deals would be unlikely to increase substantially from current levels because of higher property prices.

see link for more detail

https://www.moodys.com/research/Moodys-Japan-CMBS-and-REIT-to-benefit-from-higher-property--PR_280520