Bubble economy in Japan emerged after the“Plaza Accord”was signed by five Western countries led by the United States，which led to the rapid appreciation of Yen from 1985 to 1991.The financial bubble triggered a real estate bubble：land price rocketed in the six largest city of Japan.While most of the housing construction in Japan was developed in the real estate market，the government has passed the“Government Housing Loan Corporation Law”，“Public Housing Law”，and“The Japan Housing Corporation Law” in the 1950s，aiming to provide the citizens with a variety of resources and supports for securing houses from the market.The real estate bubble led to drastic growth of commercial real estate in cities in 1980s.As a result，the land in cities became a rare resource.This change set back the entire housing development in cities，and thus diverted property buyers to the suburbs.Nevertheless，as the property price decreased with the end of the financial bubble economy，gentrification started in the 1990’s.