Although some 60% of Japanese investors expect interest rates to go up in 2023, investment sentiment remains positive.

CBRE’s 2023 Asia Pacific Investor Intentions Survey was conducted in November 2022 and asked respondents a range of questions regarding their investment strategies for 2023. This report focuses primarily on the answers given by Japan-focused investors including both Japanese and overseas investors.

52% of investors indicate that they expect their acquisition volume in 2023 to exceed that of 2022. When combined with respondents who answered "the same as last year," the overall share of investors planning to buy the same or more this year remains high at 89%. 

Despite over half of investors are anticipating interest rate hikes in 2023, the survey showed no decline in investment appetite. However, changes are beginning to be seen in investment strategies.