[tamade]

Not really. Japan isn't unique in how property is valued. Real estate values in market-based economies are set by the market. Cap rates in Japan are comparable to the US and other major markets. Assigning value to land or improvements is just accounting. Buildings in Japan (and elsewhere) "lose value" over time due to depreciation, not because only land has value. There are huge tax advantages to owning real estate vs other asset classes. For example, Japanese real estate owners take advantage of accelerated depreciation for wooden structures as a tax shield.