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Contents
1.  Introduction ................................................................................................................ 3
2.  Current Status of the Housing Market ........................................................................ 3
3.  Challenges and Risks ................................................................................................ 8
4.  Housing Policies in Japan ........................................................................................ 15
4.1  1945–2000 ................................................................................................... 15
4.2  Japan’s Housing Policies in the 21st Century ............................................... 24
5.  Challenges for the Future ........................................................................................ 30
5.1  Challenges for the Japanese Economy ........................................................ 30
5.2  Challenges for Mortgage Markets in Japan .................................................. 31
5.3  Challenges for MBS Markets in Japan ......................................................... 32
5.4  Covered Bond Legislation ............................................................................ 33
6.  Lessons Learned from the Japanese Experience .................................................... 33
7.  Conclusion ............................................................................................................... 35
References ......................................................................................................................... 36