Japan’s case is a quite different actually. Seniors consist of a bigger and bigger faction of the population. The domestic spending was shrinking because more people relies on the pension … that’s why Japanese gov lowered the interest rate to boost the spending. Japanese use those cheap money to invest on US, Europe and East Asia’s stock market to make profit, which sort of compensates the loss in real estate. But the purpose of lowering interest rate is not to save the price of RE.
