In Japan, traditionally rent is not raised every year and there are there are only 4 statutorily recognized situations where rent may be adjusted. The Act on Land and Building Leases lists the 4 situations: 1) property taxes have increased or decreased, 2) property values have increased or decreased, 3) some other change in the economic situation, & 4) the rent is inappropriate compared with other properties in the area. Barring one of these 4 situations, rent should not be adjusted either up or down. However, situation #3 (change in economic situation) is very vague and can be used to […]