Just out of curiosity, what does that mean for Japan's real estate market? Does that policy cause RE prices to fall or rise?
Japan's overall population is already shrinking (not hard to find references) but that masks another trend - population flight to central Tokyo. [0]
So it's best to treat central Tokyo as a separate RE market from overall Japan
[0] https://www.japantimes.co.jp/news/2017/05/08/national/popula...
The overall consequence of their debt relief policies, are causing a significant increase in poverty. I must have read five dozen articles over the last five or six years, covering that, eg:
[2015] "Last year, the Japanese government recorded relative poverty rates of 16%—defined as the share of the population living on less than half the national median income. That is the highest on record. Poverty levels have been growing at a rate of 1.3% a year since the mid-1980s."
https://www.economist.com/news/asia/21647676-poverty-worsens...
Japan has seen a persistent squeeze on their standard of living. Incomes have been stagnant for decades, savings rates have dropped toward zero as people are squeezed on cost of living, and costs have not fallen to offset that.
Economists like to pretend that Japan has been suffering under horrific deflation for decades. That's almost entirely a lie however. They've both been hit by significant Yen devaluation, which is a form of inflation, and seen relatively little actual deflation in terms of the price of goods going down. It's why Tokyo is still one of the most expensive cities on earth, despite Japan's GDP per capita not keeping pace with other wealthy nations.
To the extent you're wholly supplying your own commodities & goods domestically, you can restrain some of the devaluation effect on prices, in regards to making everything more expensive (including real-estate). Inevitably though, even in the best of cases, you end up with cost leakage that impacts your economy. In Japan's case, they're very dependent on imports, so the effect is strong.
In dollar terms, their policies make everything in Japan cheaper. It makes their imports more expensive and it makes their exports generally cheaper. As Japan began this approach, they were occasionally warned about overly aggressive currency devaluation, in terms of getting labeled for it.
If you're a person in Japan, living on the Yen, it doesn't help you at all, other than the very long-term prospect of finally getting out from under the crushing national debt burden. It helps exports some, which can bolster export companies there and the employment picture for anyone working in exports, but the gains are mostly wiped out by the drop in currency value over time. As a USD or Euro holder, I get to buy your Yen products for cheaper, in other words, so you gain zero real ground.
They desperately need to devalue the Yen however, as they currently can't afford to upkeep the vast infrastructure they put into place over a few decades of their big public works programs. So they have to get out from under their debt interest squeeze to free up budget spending for other things that need attention.
All things being equal, a QE program ought to raise real estate prices.
Fewer people = lower real estate prices.
You can get away with light QE. Once you go full QE, to the extent you do it and depending on how long you do it, you'll start to see it destroy the nation's standard of living, eventually collapsing asset prices in real terms.