Tokyo existing condo prices tell a different story in US dollars
- Adam German
- Jul 17
- 2 min read
Financial markets and real estate are often influenced by the same economic forces, although the connection is not always immediately visible.
On July 14, Bloomberg’s The Asia Trade examined the weak yen, Japanese equities and the changing position of overseas investors, including how Japan’s stock market performance looks different when measured in US dollars.
We summarize the main discussion points before applying the same currency lens to Greater Tokyo existing condominium prices and considering what a weaker yen could mean for international buyers.
Topics Covered
Japan's stock market has reached record highs in yen, but its performance has been weaker in US-dollar terms.
TOPIX peaked in US dollars earlier in 2026, showing how exchange rates can affect overseas investor returns.
Japanese equities have lagged the MSCI All Country World Index since late February when measured in US dollars.
The weaker yen remains an important factor for international investors considering Japanese assets.
Corporate governance reforms and artificial intelligence investment continue to support the longer-term outlook.
Foreign investors have recently moved from net buyers to net sellers.
Domestic pension funds and other Japanese institutions could become more important sources of market support.
Can Tokyo Condo Prices in USD Tell a Similar Story?
One of the Bloomberg interview's key themes is that the performance of Japanese assets can look very different depending on the currency used to measure them.
So, could the same principle apply to residential real estate?
Patience Realty compared the average advertised asking price of Greater Tokyo existing condominiums in both yen and US dollars.
The property price data comes from the Real Estate Information Network for East Japan (REINS). The US-dollar figures were calculated using Bank of Japan monthly average USD/JPY spot exchange rates.
Chart copyrighted by Patience Realty. Feel free to use it but source and backlink to this article please.
Between June 2025 and June 2026, the average advertised asking price increased by 28.6 percent in yen.
Converted into US dollars, the increase was 15.6 percent.
While advertised prices continued to climb in Japan, the weaker yen reduced part of that increase when viewed in US-dollar terms.
For overseas buyers, looking at property prices in both currencies can provide additional context when comparing Japan with other markets or assessing changes in purchasing power over time.
