Despite weak data spurring doubts over whether Japan's economy is really recovering, property investors remain keen on the market.
"We're backing Abenomics reflating the Japanese economy and feeding through to real assets like real estate," said Andrew Jackson, head of real estate funds at Standard Life Investments, which has around $318 billion under management. "We're seeing a number of international investors starting to move into the Japanese real estate market."
Standard Life still plans to increase its exposure to Japan, both through listed developers and real estate investment trusts (REITs) and by directly purchasing properties. Its Select Property Fund has 9.5 percent of its assets invested in the country.