The Bank of Japan has bucked the trend of all the other major central banks around the world and kept interest rates on hold. Moreover, markets and economists generally expect Japanese rates to remain on hold. This means that Japanese investors can expect higher hedging costs on their investments into global real estate, making domestic real estate look more attractive. Although diminished, there are still compelling reasons for Japanese investors to go global with their real estate investments. Moreover, a disorderly unwind of the zero-interest rate policy poses a risk to the domestic market.