The yen slide to 30-year lows has reshaped the calculus for Chinese investors in Japanese real estate. A ¥100M Tokyo apartment now costs roughly 30% less in RMB terms than it did three years ago.
Transaction volumes from Chinese buyers in Tokyo central wards (Chiyoda, Minato, Shibuya, Shinjuku) rose through 2025 and into 2026. The sweet spot remains whole-building apartment investments in the ¥200M-¥500M range with cap rates of 4-6%.