Tokyo Still World's Dearest City, Despite Deflation
The study compared the price of 38 goods and services in Tokyo, New York, Paris, Berlin, Geneva, London, Hong Kong and Singapore in 2001, Reuters reported.
Beer was 2.4 times more expensive in Tokyo than in New York, movie tickets 1.5 times more expensive and a round of golf as much as 5.9 times dearer than in the U.S. city, the cabinet office survey found.
On the other hand, anyone in the market for tissue paper or men's underpants would do well to shop in Tokyo, as these items are cheaper there than in almost any other major city.
Although Tokyo remains by far the most expensive city in the world for many goods and services, the gap with other cities has shrunk due to deflation and the yen's fall against the dollar in 2001, a spokesman for the cabinet office said.
Consumer prices have been falling in Japan for the past 2- years. Economic weakness dragged the yen down last year but it has risen sharply against the dollar this year and touched a seven-month high on Wednesday.