TOKYO, April 7 — Falling demand from farmers has pushed farmland prices down for the 23rd consecutive year in Japan, according to a survey conducted by the National Chamber of Agriculture.
Prices of rice fields in Japan dropped 1.2% t0 an average of 1.2 million yen per 10 acres in 2017 from a year earlier, and those of crop fields dipped 1.1% to 891,000 yen.
Rice fields have declined 40 percent since they peaked in 1994 (2.2 million yen), and crop fields have dropped 35 percent since the peak of 1994 (1.37 million yen).
The chamber attributed the falling prices to trade liberalization, allowing more imports of cheaper food from exporting countries, and an ageing farm population.
Farmland values were estimated by asking people familiar with the farmland market what they thought were typical rates in their regions.
The chamber started rural land market surveys in 1956.