The Japanese property market appears to be resilient in the face of an impending Iran war energy shock, with government bonds and gold experiencing significant declines.

Spare a thought for investors seeking shelter from the energy shock caused by the war in Iran. There are no sanctuaries. Government bonds, a traditional beneficiary of a flight to safety, have fallen in response to fears central banks will be forced to raise interest rates to combat a surge in inflation. Even gold, long viewed as a refuge in times of geopolitical uncertainty, has fallen about 15 per cent this month following a blistering rally. The safe haven credentials of Dubai have taken a...