This article is general information and personal observation only—not investment, tax, or legal advice. Verify official sources and consult qualified professionals; you are responsible for your decisions.
1. Rates are both discount and funding
REITs carry **asset value** and **liability structure**. Rising rates pressure NAV via discounting but can be offset by rent growth expectations.2. Lesson 1: curve slope matters
Steepening vs flattening carries different macro reads. Start with [BOJ statistics](https://www.boj.or.jp/en/statistics/index.htm/).3. Lesson 2: leverage quality
Fixed vs floating debt and **interest coverage** split outcomes. [FSA](https://www.fsa.go.jp/en/) materials help on systemic risk.4. Lesson 3: sector lease structures
Office, logistics, retail, and hotels do not share the same rate beta. Shorter **WAULT** can mean faster repricing.5. Closing
History is not prophecy—read filings.Disclaimer
This article is for informational purposes only and reflects personal analysis. It does not recommend buying or selling any specific investment product. Investment decisions and responsibility rest solely with the reader. Content may change after the time of writing.