[myoon]

Not sure about land values specifically, but residential real estate in Japan generally doesn't appreciate much, if at all, outside the center of the most major cities. There are multiple factors I imagine, like shrinking population and the general aversion to buying used homes. Until fairly recently, homes weren't generally designed to last that long anyway. A lot of homes of the deceased are just abandoned due to the costs of demolition.

It's possible this could change somewhat going forward as newer homes have much better construction. This would still depend on the country figuring out how to grow the population though.