Note 1-23

(23) However, this is a market price-based comparison and includes unrealized capital losses. Therefore, it does not mean that actual losses were produced on land held for a long time. Rather, since the corporate sector was a net purchaser of land during the bubble economy and the household sector was a net seller, the adverse impact on the balance sheet was bigger in the corporate sector (National Accounts based land transactions in 1986-1991: non-financial corporations, 42.5 trillion yen more purchases than sales; households, 69.4 trillion yen more sales than purchases).