re: tokyo property prices -dirt cheap arthur have you ever...

re: tokyo property prices -dirt cheap arthur have you ever noticed how cycles behave?
They repeat the past and forecast the future.
Hold that thought!
The last ten (10) property cycles have had certain things in common.
BUST:
1. High interest rates
2. High inflation
3. High unemployment
4. High trade defecit
5. High Govt. debt
6. Low GDP
7. Reducing immigration inflows
BOOM:
The reverse of all the above.

Where are we now?
And that my friend, resolves the riddle of where the property market is heading.
I appreciate MacFarlanes predicament. He's from the old school of economics. Too much of a good thing is a bad thing.
The problem is not the economy, consumer confidence, property prices, fiscal prudence or monetary policy.
The real problem is old economic thinking getting in the way of a sound & robust economy.
If MacFarlane could just step out of the way and take with him all the old economic farts that bombard him with outdated advice, we might just start to appreciate the unique situation we find ourselves in.
Why go for the umbrella when there is no sign of rain?

nq