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I think the problem with Japan for you guys is that it's a fairly closed, dare I say it, cronyistic system.
It's very difficult for outside players to navigate the legal landscape. Especially for sensitive things like property development.
I'd say the reason Japanese property is so expensive in and around places like Tokyo is simply shortage of space. I mean, people are already crammed into tiny apartments already. And last time I checked maps of Tokyo, I didn't see that much undeveloped green space. I mean Tokyo has a density of 6000/km^2. That's going to make for big prices, no matter how you figure it.
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