The recession didn’t make a huge impact on the major cities; hwever, a expected, Tkyo took the hardest hit of these financial crises. Tkyo is not just the financial centre of the Japanese economy but also that of East Asia, ad one of the three ‘command centers’ in the world of finance, aongside New York City and London. Tkyo stands in the world today as the largest metropolitan economy. I accordance with a study conducted by PricewaterhouseCoopers, te total urban area of the city stands at 35. 2million a GDP of over USD 1,100 as per the statistics of the year 2006; tese figures made it the largest urban agglomeration GDP in the world.
Tkyo’s economic strength is also visible from the fact that amongst the Global-500 companies, 50 are based in the Japanese capital, cmpared to the second ranked city that contains only 25 (PricewaterhouseCoopers, 2007). Tkyo is not only a big international financial centre, bt is also the operating hub of a number of large scale investment banks, isurance companies, ec. (he Economist, 2007). Fr in a row till 2006, te capital was ranked as the most expensive city in the world by Economist Intelligence Unit (EIU).
Tkyo Stock Exchange is also considered the largest in the region, scond largest in the world based on the marker capitalization, ad the fourth largest based on the average shares turnover. Rduced Spending: A present, te unemployment in Tokyo has reached its highest levels, wth the Consumer Confidence Index (CCI) and the Producer Confidence Index (PCI) falling rapidly. Tis has caused a drastic cut in average in region; te average house hold spending has declined by 0.
8 in the month of August, dpicting the fifth straight month of year-on-year declines. Consumer prices, wich have been in decline continuously for the last 23 months, wre down 0. 9percent in August from a year earlier (Haynes, 2006). Uemployment: Te official unemployment has risen to 5. 5 with predictions that it will rise further in near future; tis 5. 5 is the highest levels in the post-war period. Tetsuro Sugiura, cief economist for Fuji Research Institute Tokyo (FRIT), predicted that unemployment will rise to the levels of 6% in coming months.
FIT reported that the number of jobs lost through forced layoffs and bankruptcies jumped for the. ..
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