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> and they've managed to keep prices down.

Perhaps it would be more accurate to say that they managed to crumble their economy which brought the value of housing down with it? They had a massive housing boom before the "Lost Decades". Japan is no stranger to asset prices rising out of control.

That said, when I have looked at Tokyo pricing it has always been in line with high priced North American cities, only configured differently. The difference in configuration means that the sticker price is often lower, but you are getting less for that lower price. Apples to apples the prices have always shown to be in the same ballpark.