Allocations to Japan’s equity market are at their highest since May 2006, with a “net 31 percent of global asset allocators overweight to Japanese equities,” according to the May 2013 BofA Merrill Lynch Global Fund Manager Survey. This is due in large part to a ¥10.3 trillion (US$106 billion) stimulus package passed by Prime Minister Shinzo Abe to revive Japan’s stagnant economy, and property stock investors are noticing the change (see “The music makers”, page 14).

The soaring equity market has been felt by J-REITs, which now have additional capital to fund acquisitions. Nippon Prologis REIT, a J-REIT operated by US-based Prologis, recently announced the issuance of new investment units, the proceeds of which w