Figure 3 shows more variability in the housing and financial markets in Japan. Although we can observe several possible deterministic cycles in the housing and financial markets in Japan statistical tests shows statistically significant cycles in the financial series are present within 8 and 15 years. Thus, results for Japan are in line with the one we observe for the UK and the US. F test, Fisher test and Whittle test confirm the statistical significance of the deterministic cycles between 8 to 15 years.