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In 1989, the land under Tokyo's Imperial Palace was worth more than all of California. Tokyo's real estate exceeded the entire United States in value. The Nikkei hit 38,957 — and didn't reach that level again until February 2024.
This isn't ancient history. It's a warning.

In this episode, I break down the Japanese real estate bubble — the most spectacular property mania in modern history — and why the playbook Japan invented after the crash is running in U.S. commercial real estate right now.
Syndicators making capital calls instead of handing back keys. Lenders restructuring instead of foreclosing. Everyone waiting for rate cuts to bail them out. This is "extend and pretend" — and we know how it ends.

But there's something bigger happening. Japan just ended 8 years of negative interest rates. The carry trade — trillions of dollars borrowed in cheap yen and deployed globally — is unwinding. This has massive implications for capital flows, real estate, and your portfolio.

We cover:

→ How the Plaza Accord planted the seeds of Japan's bubble
→ The psychology of mania: why smart people believed absurd valuations
→ The crash: 70% declines that still haven't recovered 35 years later
→ "Extend and Pretend" — Japan's invention, America's current strategy
→ Why Japan's rate hikes in 2024-2025 matter for global investors
→ Five timeless lessons every real estate investor needs to know

Wednesday's episode dives deep into the carry trade. Stay tuned.

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