Thursday, 11th June 2009
In General Japan News,
Tokyo tops list of expensive cities
Tokyo is the most expensive Asian city to live in, according to a new study.
A report by employee solutions firm ECA International found that the Japanese city is the second most expensive place to live in the whole world, behind the Angolan capital of Luanda.
Apart from Tokyo - which occupied the 13th global position last year - Nagoya, Yokohama and Kobe round up the five most expensive locations in the world.
The high cost of living in Japanese cities is driven by the yen's strength against other major currencies.
Lee Quane, Asia regional director for ECA International, said the yen has gained nearly eight per cent against the US dollar in the last year.
"As a result, people coming from these economies into Asia will notice a considerable difference in costs compared with 12 months ago," Mr Quane added.
The news comes as official figures show the Japanese economy has shrunk by 3.8 per cent during the first quarter of the year.
However, some experts believe second-quarter statistics will show signs of an upturn.
Speaking to Reuters, Yasuo Yamamoto predicted growth could continue until at least early 2010.
Written by Graham McPherson
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