Japan land prices see first fall in 6 years

The price of land in Japan has dropped for the first time in six years as demand was undercut by the coronavirus pandemic.

The average value of residential, commercial and industrial properties was down by half a percent from a year earlier.

The government surveyed around 26,000 locations as of January 1.

Residential land prices fell 0.4 percent.
Demand for housing was down as wages fell and employment conditions worsened.

Prices for commercial land were down 0.8 percent.

The declines were worse in areas with shops and hotels catering to tourists. Locations with a high concentration of bars and restaurants also fared badly.