Attempting to improve the housing standards of the nation, the “Minimum Housing Standards” were established as part of the Housing Construction 5-year Program. This was set up as indispensable for spending a healthy, civilized life. For each Housing construction 5-year Program the government plan to eliminate households below the Minimum Standards and supply the “housing built with public funds”. This paper analyzes the factors to low quality dwelling in Japan and suggests poverty is a declining factor these days. And it discusses some policy implications.

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Large-scale statistical research regarding the housing situation and residential demand in Japan which done every 5 years was investigated in 2003. Improvement of housing situation such as increase of the floor area and decrease of dissatisfied ratio was verified. On the one hand, diversification of needs for houses such as half of households live in condominiums has intention to living continuous in the same residence and the 30% of all household does not adhere especially the newly-built residence was verified.
On the basis of this findings from and argument on Council for Infrastructure, Housing Bureau of MLIT (Ministry of Land, Infrastructure and Transport) of Japan arranged General Principles for Housing Policy Reformation (The Way of Centralized Reformation of Housing Policy). Following to the reorganization of the Urban Development Corporation to the Urban Renaissance Agency, it advances the reformation of the Government Housing Loan Corporation and Publicly-Operated Housing System.
In addition, it aim the measure development toward the private housing market such as relief of some requirement on loan tax reduction system for the exist houses leads. Furthermore, it will realize the clarification of the basic idea of new housing policy and re-construction of housing planning system.
Here, summary of the findings from and reformation general principles is reported.

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Prices and return rates of real estate have been greatly changed before and after the bubble period. A prolonged downward trend of the real estate prices has relatively raised the rent-price ratio. What expectations have market participants formed since the bubble period through its collapse up to date? Rational expectations and adaptive expectations are analyzed in terms of real estate prices as asset management items. Also, regarding return rates, how does the difference between the return rate of an equilibrium condition derived from present value model and the return rate in the past influence the present return rate?

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This paper examines whether there was any structural change of office demand in Tokyo CBD through the Bubble Economy, or not. At first we show lagged effects between rents and vacancy rate of the offices by the Almon polynomial lag model, and then we induce a demand structure, so as to identify structural difference between pre and post the bubble economy. We conclude that there was no a change of demand structure, but a significant change of potential demand level.

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