SINCE the bubble burst in 1990, the Japanese have known only falling or stagnant prices for property. Yet a wave of commercial redevelopment in downtown Tokyo suggests a new mood. And as the chart from CLSA, a stockbroker, suggests, even the regions are pulling out of their long slump. In the third quarter of this year none of the 150 locations in a closely watched land survey showed declining prices. The recovery is evidence that the Bank of Japan’s quantitative easing is having an effect, and construction firms report labour shortages. Still, commercial and residential prices remain scarcely higher than they were in 1984.