Japan’s housing sector has been flat for years. But if dwellings are plentiful and attainable, why should that be a bad thing? These days, when Japan’s property market makes the headlines at all, it’s usually for the wrong reasons: The millions of homes sitting empty across the country, perhaps, or the notoriously poor investment that buying a house can prove. But look at it from the perspective of housing as a roof over people’s heads rather than a store of a value, and Japan starts to look like a success. Even in these post-Covid times, the country faces no affordability crisis. Rents are stable — one key reason that inflation is so comparatively low — and housing can be found for almost any budget.