Yes, all housing markets are subject to supply and demand. The point I was making was that declining population has zero effect on Japan's non-rising home prices, since home prices have remained stable for decades now and even when the population was still rising. The main regulator is that there's almost zero demand for used homes, and it drops to actual zero as the years go on. The real value is in the land its on, which if you're planning on buying property in somewhere like Roppongi, it's still going to be insanely expensive. But for renting or buying elsewhere, it's not.