Japan’s real estate industry was raised to 'neutral' from 'underweight' by an analyst at Daiwa Securities Inc., who said the market is expected to bottom out by next March with improvement in credit.

Among ratings changes for specific companies, Daiwa analyst Masato Nakagawa raised Sumitomo Realty & Development Co. to 'buy' from 'underperform,' Tokyu Land Corp. to 'neutral' from 'underperform,' and cut Mitsubishi Estate Co. to 'underperform' from 'neutral.'