The financialization of real estate in Japan: the formation of a core–periphery structure

The term ‘financialization of real estate’ (FoRE) refers to the method of connecting financial markets with the geographical location of real estate assets. Therefore, the unevenness of regional development is closely tied to FoRE. In Japan, FoRE’s initial focus was Tokyo; however, the interest has recently spread to the periphery. This shift occurred owing to changes in investment actors and their strategies, which also changed the impact of the penetration of FoRE on regional economies. This article will elucidate the factors that constitute the FoRE core–periphery structure, focusing on regional real estate market characteristics and investment actors’ attributes.