Abstract
I had an opportunity to see an American advertisement for a condominium recently, which stated, "Wouldn't you buy a dream of owning a condominium in Manhattan for $200,000?" Articles appear in sports newspapers describing Japanese "singer such and such or TV star so and so in their own condominiums in New York City." From a Tokyo point of view, however, dreams in Manhattan are simply inexpensive. The price of the total land area in the entire United States, which is twenty-five times larger than that of Japan, is 403 trillion yen, and this is approximately the price of land in the twenty-three wards of Tokyo (as of 1987). This means that the land value of Tokyo's twenty-three wards can purchase the entire United States; the price of Chiyoda Ward alone can purchase the whole of Canada. The land price in Japan is almost a hundred times higher than that in the United States.
Published Version
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