The purpose of this study is to investigate the impact of capital inflow on estate price in Japan by using Smooth Transition Model of nonlinear method. Use change rate of capital inflow to GDP ratio as a threshold variable. The capital inflows were current account, financial account, and capital account. The research period was from the first quarter of 1996 to the third quarter of 2014 and totally 75 quarterly data were calculated. When the change rate of each kind of capital inflows to GDP ratio is less than the threshold value, all of these accounts positively impact on the land price. When the change rate of each kind of capital inflows to GDP ratio is larger than the threshold value, they showed negative effects.