Japan will tighten the regulations on reporting by foreign nationals purchasing homes.

Japanese Finance Minister Taro Aso revealed that the Japanese government will revise an administrative regulation to tighten the regulations on reporting of property purchases by foreigners. Aso stated that regardless of whether the purpose of the purchase is for investment or personal use, foreigners buying property in Japan will need to report it. Currently, when foreigners use property for investment purposes, they need to report the location and price of the property. If the revised administrative regulation receives public approval, it will take effect in April. Many foreigners own property in Japan but do not reside there. Aso also stated that there is no disagreement between the Bank of Japan and the government on economic assessments.