The Japanese government transfers much money to the elderly people as the housing subsidy. One of the reasons for this subsidy is the housing discrimination for the elderly people in the Japanese rental housing market. But this discrimination is the statistical discrimination produced by the Japanese Tenant Protection Law. It is not efficient to mitigate the elderly people's welfare by the housing subsidy.

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The long-term care insurance (LTCI) of Japan was introduced in year 2000. While the restrictions on the entry on the home-care suppliers have been removed, the supply of institutional care service is still limited to social welfare corporations, medical corporations, and municipal government agents. In contrast to the surge in the demand for institutional care, following the introduction of LTCI, only limited increases in the supply capacity have been realized. This has resulted in overwhelming excessdemand and long waiting-list for admission. Reflecting this severe constraint on the supply of institutional care, the fastest growth the in LTCI benefits is currently observed in such quasi-institutional services as group homes or care-houses, which are relatively its close substitutes in the home-care menu. This double standard between two kinds of institutions causes problems such as inequities between the aged, a failure of quality control.

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Elderly housing and living conditions are as follows: elderly (+65 years) house owners'ratio is very high, 83.9%, but their houses are almost old and not barrier-free, elderly house owners remain their old house and don't move. The main reason which Japanese elderly households don't move is that the housing market underestimates their property. We need to build up the new housing systems for elderly, for example the continuous living system in their existing houses, the relocation system which they move to safe and comfortable houses or apartments, and the social support system for the poor and the weak.

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As a rapid expansion of the population of older people is underway in our country, there is definitely a growing interest in the housing facilities for the elderly. Both as an alternative residence that is not a hospital or a residential home, where the elderly can live among friends with well-being and welfare, and also can be provided nursing care and personal assistance for their daily lives.
The market for the elderly has been growing larger and larger as a variety of housing facilities for the elderly have been supplied by a for-profit-corporation, a social welfare corporation, and a medical corporation since public nursing insurance system started in 2000. A total of 28, 500 housing facilities for the elderly, containing 1.27 million rooms and a capacity of 1.3 million people, have been supplied in our country as of December, 2006. The population of adults as of December 2006 aged 65 and over (the number of the first insured person covered by public nursing insurance system) was about 26, 480, 000 people. This means that about 4.9% of the elderly population has the ability to live in these housing facilities.
Recently there has been volume control emplaced in regards to elderly homes (pay nursing homes and group homes for demented elders) which started since the latest revision of the nursing insurance system in 2006, which makes it difficult to establish new facilities under many local governments. Meanwhile, it is scheduled that medical care facilities for the elderly requiring long-term care will be abolished in accordance with the health insurance reform by the end of 2011. There are about 230, 000 facilities that will be closed in the near future, leaving the patients to be transferred to healthcare facilities for the elderly and pay nursing homes.
Furthermore, as the new system, “the rental housing for the elderly only” has been established by the new policy of the Ministry of Land, Infrastructure and Transport of Japan, several measures aimed at the further improvement of the rental housing for the elderly has been implemented.
In order to cope with rapidly aging population, it is necessary to take the adequate measures for the improvement of housing facilities for the elderly based on the present condition. Local governments should satisfy the necessary volumes, based on the total balance of the improvement by accurately analyzing cost and effects of each housing facility for the elderly and grasping customer needs in detail by doing necessary research, not in the shortsighted approach such as a total volume control over thepay nursing home.

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This paper discusses the legal problem regarding pay nursing homes, which are a type of elderly housing. Recently, the number of elderly people in Japan is rapidly increasing. Therefore, elderly housing is currently a major concern in Japan. To deal with this situation, the Japanese government revised the long-term care insurance law and the old-aged persons' welfare last year. However, when elderly people make a contract before entering a pay nursing home, legal problems occur. Although how such problems can be solved has been intensively studied since the late 80s, the private law is still not satisfactory. This paper further develops the research that have been done heretofore, and discusses how the contract elderly people make when entering a pay nursing home is supposed to be. This paper also discusses how to ensure that elderly people do not have to worry about getting involved in legal problems and live in a pay nursing home until they die.

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As we face the aged society, it is necessary to examine the best way for elderlypeople to live for life. To possess real estate is very expensive and is risk for decline in prices. House lease for elderly people is ambiguous in right of utilization, and, obfuscatory in cost. Under these circumstances, the system of house lease for elderly people and terminal tenancy is appropriate along the purpose of it, though should allow tenancy contract with independent and exclusive possession, protection of the new House rent law.

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Investigating the recent progress and present status of the reverse mortgage products in Japan and the United States, we see continuous efforts to explore and meet potential demands, and reduce diverse risks and costs inherent in these products.
This paper treats these new approaches to reverse mortgages and their significant advantages, which could address the innate contradictions that are revealed when attempting to restructure reverse mortgage products. It suggests that the reverse mortgage market has the possibility of fairly rapid growth and emphasizes the importance of 1) detecting the enormous latent needs of the “house-poor cash-poor” households; 2) promoting credit-line payment methods for multiple purposes in various life stages; 3) providing optimum housing choices to enhance the stability and quality of life; and 4) constructing impartial and broad supportive systems that help users choose suitable alternatives.

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In this paper, I carried out to clarify residents' evaluation on living environment and living service and houses in an advanced age and explained the plans of residential properties for elderly people via the case studies.

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The study of real-option under competitive circumstance-the so-called “option-game”, has been experimenting a fast development recently. It shows that it is the same important to consider the interaction under competition for the investment decision besides the key factors such as uncertainty, flexibility. Based on existent literature, we analyze a model of duopoly under uncertainty assuming that investors are asymmetrical-both on revenue and cost. This paper provides some new insights and extensions about the investment timing in such a real estate development market.

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