Rarely, if ever, have Far East and Asian institutional property markets — and stock markets, with their real estate components — been so attuned to the actions of regional and major global central banks.

With fiscal policy roughly settled in many of the larger global economies — that is, more stimulus is not pending — but deflation or the fear thereof poking its head up from Japan to China to Europe, real estate titans are minutely mulling every murmur from central bank chieftains.

Perhaps nowhere are the actions of a central bank watched more closely than Japan, where the Bank of Japan is fully engaged in a robust quantitative easing programme intended to double the island nation’s monetary base — and the BoJ is buying not only bonds, but also publicly-traded J-REITs to implement policy.

Globally, eyes fall constantly on the US Federal Reserve and the European Central Bank, for the instrumental role the US dollar and the euro play in international t