Where macroeconomic policy making meets psychology, unhappily: Kathleen Chu's and Katsuko Kuwako's look at Japan's brain bursting housing and land markets. (Link)
Hint to world: after a housing bubble bursts, destroying the equity and/or the virtual savings of everyday folk, be not surprised if weird, interest-rate and market-clearing-mechanism-defying resistance should move in...and never leave. Even in the most densely populated environs on the planet.
Hoarding is what Chu & Kuwako describe...but the hoarding of a vacuum, the lost value of land and buildings owners never had a chance to hold in their hands.
Image: Conjunction of Venus, Jupiter and the Moon above the Kanda River on 30 November 2008.
Image courtesy: MTC