| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Outline of Final Research Achievements |
This research focuses on the real estate investment trust (REIT) market and non-traditional monetary policies in Japan. The increase in stock prices has a positive impact on the REIT market. The increase of interest rates has a negative impact on the REIT market. The negative impact of interest rates is more prominent after the introduction of Abenomics. The Bank of Japan (BOJ) purchases REIT in afternoon sessions after they confirm the decline of the REIT price. Their purchases are effective in the short-term. The three REIT Property Sectors (Office, Residential, and Retail & Logistics) move together in the long-term equilibrium and the transmission effects among them are strong in regard to the monetary policy regimes of quantitative and qualitative easing and in terms of negative interest rate.
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