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PurposeThis paper seeks to investigate the nature and magnitude of the distortion in appraisal land price information according to change in the market, with a special focus on the Government's Published Land Prices.Design/methodology/approachIn Japan, there is an item of land price information, so‐called Koji‐Chika (PLPS: Published Land Price Information System), that is a survey of fair market value by the qualified appraisers. The valuation error of this land price information was analyzed using the following method. First, hedonic price indices were constructed based on both actual transaction prices and the Published Land Prices, they were then compared to detect possible distortions in the governmental price information. Also the possibility of structural change in the Japanese real estate markets was studied and its effect on price indices was considered. Analysis of the Tokyo metropolitan area in Japan took place between 1975 and 1999FindingsLarge and systematic discrepancies between actual transaction prices and the Published Land Prices were identified, which might suggest that there are serious problems in the governmental information system. It is believed that it is necessary to consider this issue in the context of the entire real estate appraisal system in Japan.Research limitations/implicationsLimitations stem from the nature of Japanese data. Future research will seek to look at values on an IPD index.Originality/valueThe land market in Tokyo experienced a so‐called Bubble economy, and the rapid rise and fall of the land price were generated for this period.

PurposeWhen Japan's asset bubble burst, the office vacancy rate soared sharply. This study seeks to target the office market in Tokyo's 23 special wards during Japan's bubble burst period. It aims to define economic conditions for the redevelopment/conversion of offices into housing and estimate the redevelopment/conversion probability under the conditions.Design/methodology/approachThe precondition for land‐use conversion is that subsequent profit excluding destruction and reconstruction costs is estimated to increase from the present level for existing buildings. Regarding hedonic functions for offices and housing and computed profit gaps for approximately 40,000 buildings used for offices in 1991, it was projected how the profit gaps would influence the land‐use conversion probability. Specifically, panel data for two time points in the 1990s were used to examine the significance of redevelopment/conversion conditions.FindingsIt was found that, if random effects are used to control for individual characteristics of buildings, the redevelopment probability rises significantly when profit from land after redevelopment is expected to exceed that from present land uses. This increase is larger in the central part of a city.Research limitations/implicationsLimitations stem from the nature of Japanese data limited to the conversion of offices into housing. In the future, a model may be developed to generalize land‐use conversion conditions.Originality/valueThis is the first study to specify the process of land‐use adjustments that emerged during the bubble burst. This is also the first empirical study using panel data to analyze conditions for redevelopment.

Part 1 Index Theory for Property Price Indexes -- Chapter 1 International Policy Discussion in Property Price Indices -- Chapter 2 Theoretical Background of Hedonic Measure and Repeat Sales Measure -- Part 2 Empirical Studies for RPPI using Tokyo Data -- Chapter 3 A Comparison of Alternative Approaches to Measuring House Price Inflation -- Chapter 4 Estimation of Property Price Index: Methodology and Data Sources -- Chapter 5 The SNA and Alternative Approaches to the Construction of CPPI -- Part 3. Application to the Official Statistics or Public Policy using RPPI -- Chapter 6 Measuring the Services of Durables and Owner Occupied Housing -- Chapter 7 New Estimates for the Price of Housing in the Japanese CPI -- Chapter 8 Imputed Rent for OOH in National Account -- Index.

This study investigates the number of job opportunities collected from a Japanese job searching site ("fromA navi") and an inter- national job searching site ("Indeed"). We confirm that a relationship between the number of job opportunities and socioeconomic quantities (the population, the numbers of firms and workers) in each 1-km grid square in Japan. The number of workers is the best explanatory variable to explain the number of job opportunities in Japan. The regression coefficients can be used as an indicator to grasp Japanese macroeconomic conditions. From a global point of view, we analyse the number of job opportunities in about 16, 000 cities all over the world. We confirm the daily number of job opportunities in each city varies in time and show some asso- ciations with macroeconomic indicators. We compute a relationship between means of the daily number of job opportunities and their standard deviations and confirm that it follows a scaling relationship with power law exponent α = 1. A possible model based on Poisson processes with intensity of which varies in time on the basis of a common noise is proposed to explain the phenomenon empirically observed.