Japanese Real Estate Appraisal - バブル経済 Edition

"At the beginning of the 1980's, the value of all the real estate in Japan was about equal to that of all the real estate in the United States. By the end of the decade, it had become almost four times as valuable, although Japan's population was only half as big and its economy only 60 percent the size of America's. The official estimate of its value, at its peak in 1990 was 2,389 trillion yen ($23.89 trillion). At that point, Japanese real estate accounted for about 50 percent of the value of all the land on the face of the earth, while representing less than 3 percent of its total area. Theoretically, the people of Japan could have sold their small group of islands and bought the rest of the world with the proceeds."

Peter Hartcher: The Ministry. The Inside Story of Japan's Ministry of Finance (1997)