We were in Tokyo from 1-5 December for a series of meetings and property tours organized separately by Nomura, SMBC Nikko and UBS. Our visit coincided with heightened geopolitical tensions between Japan and China, and the decline in Chinese tourist traffic on the streets was noticeable. While it is still early, both Invincible (8963) and Japan Hotel REIT (8985) have reported some cancellations, though the impact remains limited.