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The first exchange-traded fund linked to Japanese real estate investment trusts debuted in New York, giving American investors closer access to the Japanese property market, the TSE announced yesterday.

investment manager Northern Trust Global Investments listed the product tied to the TSE REIT Index on the New York Stock Exchange.  A J-REIT ETF has not been listed in Japan, but Nomura Asset Management plans to list one on the 18th of this month.

Nomura`s brief analysis of the J-REIT market last weekend emphasized the extreme discount and potential undervalue that can be seen in the sector as average dividend yield spread over the 10-year JGB is back to the level of 4.5%.

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