For a generation, Japan's property markets were sustained by the quiet miracle of near-zero interest rates — a condition so durable it became mistaken for permanence. Now, as the Bank of Japan allows borrowing costs to rise, institutional investors like PGIM Real Estate are confronting a fundamental repricing of risk, one that asks an old question with new urgency: what is a building actually worth when money is no longer free? The answer, still forming, will reshape one of Asia's most consequential property markets.