Tokyo among world’s 10 prici­est cities

New Straits Times - - Business -

TOKYO: Tokyo re­turned to the ranks of the world’s 10 costli­est cities this year as Asia’s rep­re­sen­ta­tion ex­panded, re­flect­ing the re­gion’s ris­ing clout in the global econ­omy.

Ja­pan’s cap­i­tal, the world’s costli­est city un­til 2012, jumped seven places to No. 4 this year and Osaka climbed nine notches to No. 5, both bol­stered by a resur­gent yen, the Econ­o­mist In­tel­li­gence Unit’s (EIU) World­wide Cost of Liv­ing Sur­vey showed yes­ter­day.

Sin­ga­pore and Hong Kong re­tained the top two spots and Seoul came in sixth. Zurich, the third most ex­pen­sive, was the only im­ped­i­ment to Asia hold­ing all top five slots.

Asia ac­counts for 40 per cent of the global econ­omy and in the four years to 2020 is pre­dicted by the In­ter­na­tional Mone­tary Fund to con­trib­ute two-thirds of world­wide growth.

At the same time, cities in China slipped by be­tween five and 16 places due to weak­en­ing con­sump­tion and a de­pre­ci­a­tion in the yuan.

Europe had four cities in the top 10, with Geneva, Paris and Copen­hagen join­ing Zurich. The French cap­i­tal was the only euro­zone city among the top 10, re­main­ing “struc­turally ex­tremely ex­pen­sive to live in, with only al­co­hol and to­bacco of­fer­ing value for money com­pared with other Euro­pean cities”, said the EIU.

New York was the only rep­re­sen­ta­tive from North Amer­ica, slip­ping to ninth from sev­enth due to a weak­en­ing US dol­lar.

Syd­ney climbed to 14th spot and Mel­bourne to 15th, mean­ing they ’re more exp en­sive than Shang­hai. Auck­land and Welling­ton jumped 22 and 26 places, re­spec­tively, to be in the top 20. Bloomberg

BLOOMBERG PIC

Tokyo, the world’s costli­est city un­til 2012, jumped seven places to

No. 4 in the World­wide Cost of Liv­ing Sur­vey.

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