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meconium mentioned Tokyo, not broader Japan. The population of Tokyo has increased by 1M in the last 10 years.

No. I'm saying that people who assume that because a bank lends on a given property that it is not, in investment terms, overpriced, doesn't understand banks. At 80% LVR a bank has a lot of fat before they hit losses. An investor does not. As a result, a bank will can live with a level of...

Were one to be looking for a statement that in only 44 words encompasses the muddled thinking that leads people to invest in property poorly, this would be it.