Given the fact that investments in rural areas still yield low returns compared to those in urban areas, it may be difficult to see an immediate upturn in overall nationwide land prices.

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The business sentiment index is expected to reveal a slight improvement across a broad front, ranging from large firms to small firms, as the Japanese economy is now enjoying a well-balanced recovery.

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We stick to our main scenario the BOJ will exit quantitative easing when it releases its semiannual outlook report on April 28.

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