Japanese land prices fell back to start off the new year, the Ministry of Land, Infrastructure and Transport reported on Monday.

In a press release, nationwide land prices fell 3.5% in the year since Jan. 1. The most pronounced declines were noted in Greater Tokyo, where prices fell 4.7%, followed by Nagoya, where prices contracted 3.5% on average.

Since Jan. 1, 2008, land prices had gained 1.7%. In Greater Tokyo, land prices had increased 6.7% over the year.

By Todd Wailoo, twailoo@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca