I am always intrigued by references to "Japan" building things. It is as if people believed it were not individual firms making decisions on construction and urban redevelopment.

The Spike piece was interesting, and at times amusing. Heathrow over Narita as an airport for example. Pass the pipe.

In general I think the biggest issue is not so much how much supply there is, it is more a function of how quickly pricing adjusts. The market, the residential and commercial sectors anyway, is highly elastic and when buildings are full prices rise. It is manageable, but it takes a bold approach to get past the short term slow down.