The property market in Japan is primed for a cyclical upswing. As a highly cyclical asset class, it is crucial that institutional investors in real estate choose carefully their entry and exit points in the cycle. Even for long-term holders of real estate, with investment horizons spanning a decade or more, it is still imperative to understand that timing can be as important as location when it comes to real estate investment. Japan is infamous for one of the world’s greatest supercycles in history: the real estate boom in the 1980s and its subsequent bust at the very start of the 1990s. Such a cycle damaged the perceptions of the asset class and of Japan as a target for many years that followed, among both international and domestic investors alike. Yet in spite of the “lost decades of growth” that the Japanese economy endured in the 1990s and 2000s, there was nonetheless evidence of cyclicality in its real estate markets. Confidence has been re-establi