The state of the residential property market is an important issue for both the macro economy and for individual households in Japan. Home ownership is the main pillar of housing policy and as a very expensive commodity it has been deeply implicated in the economic problems of the 1990s. This paper considers the role of home ownership within the broader context of the post-war Japanese social structure. The core of the paper is an assessment of the impact of the recent period of financial turbulence on the home ownership sector. This discussion is set within the broader context of the new pressures emerging around the institutional arrangements which have sustained the Japanese social system.
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Forrest et al. (2003) studied this question.