Agriculture, forestry, and fishing in Japan
Agriculture, farming, and fishing form the primary sector of industry of the Japanese economy together with the Japanese mining industry, but together they account for only 1.3% of gross national product. Only 20% of Japan's land is suitable for cultivation, and the agricultural economy is highly subsidized.
Japanese asset price bubble
In the 1980s, local government imposed a tax on the market price land. Since the valuations did not rise in tandem with the actual rising market price, the effective property tax regressed over the time. As a result, the Greater Tokyo area dropped to 0.06% of the market price. As the land price escalated much quicker than the tax rate, most Japanese considered land as an asset rather than for productive purposes. Strong expectations that land prices were likely to increase, coupled with minimal property taxes, meant it made more sense to speculate on the land price than to fully utilize the land for production purposes.