Japan to expand rules on foreigners' property purchases, finance minister says

Japan will revise rules to require foreigners buying domestic property, including for residential purposes, to file a report to the government, Finance Minister Satsuki Katayama said on Tuesday.

Under current rules, the government only requires foreigners buying property for investment purposes to file a report.

The government will expand the requirement to include property purchased for residential purposes, and aim to introduce the new rules in April next year, Katayama told a news conference.

"We need to grasp the whole picture as we're seeing cases where residential property is bought (by foreigners) for speculative purposes," Katayama said.

-Leika Kihara/Reuters