Japan's 2026 benchmark land prices rose 1.5% in the year to July 1, extending gains for a fifth consecutive year and matching the strongest pace since 1991, when the asset-price bubble was losing momentum. Residential and commercial prices continued rising across much of the country as the economy gradually recovered. The Tokyo, Osaka and Nagoya metropolitan areas recorded a 4.4% increase, up 0.1 percentage point from the previous year, while regional markets faced weaker demand and higher construction costs. Inbound tourism provided additional support in resort areas, with commercial land prices in Hakuba, Nagano Prefecture, jumping 35.6%. The survey will be among factors the Bank of Japan scrutinizes as it considers how quickly to reduce stimulus and raise still-low interest rates, although the central bank has said it sees little evidence of overheating in asset prices.