Japan hasn't seen much recovery in housing. But inflationary pressures in Japan could be very positive for properties.

Inflationary pressures are starting to percolate --and the Federal Reserve is going to react to this,

The housing stock got whacked.

In the short-term yields may increase. Slack is decreasing in the economy and that is leading to inflationary pressures.

With UK growth remaining weak and below trend, and with inflationary pressures easing, we urge the (Bank of England's) monetary policy committee to consider an early interest rate cut.

There is a strategic element to it. It's something that we've seen before. Japan was doing the same thing about 10 to 15 years ago, with a lot of its natural resource companies, including oil companies, buying into foreign projects.