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Thursday 4 December 2008
Tokyo costliest Asian city, Beijing more expensive than HK: survey
Strengthening currencies made Tokyo reclaim the title of Asia’s most expensive city for expatriates while Beijing has become more costly than Hong Kong for the first time, a survey showed on Thursday.
Tokyo costliest Asian city, Beijing more expensive than HK: survey
AFP in Hong Kong 4 December 2008
Strengthening currencies made Tokyo reclaim the title of Asia’s most expensive city for expatriates while Beijing has become more costly than Hong Kong for the first time, a survey showed on Thursday.
“Recent exchange rate fluctuations resulting from this year’s economic crisis are having a major impact on the cost of living for expatriates,” said ECA International, a human resources firm.
Tokyo is ranked number one in Asia and second most expensive in the world after Luanda, the Angolan capital, ECA said.
The capital of the oil-rich southern African nation ranked highest because some of the key consumer items favoured by expatriates that are monitored in the survey’s calculations can be very expensive there.
Last year, Tokyo was Asia’s second most expensive city, behind Seoul, but dropped out of the top 10 most expensive cities globally for the first time that year because of the weaker yen.
“While inflation has tripled since last year, increases in cost of living over the last two months for foreigners coming to Japan have been primarily a result of exchange rate movements,” ECA said.
Three other Japanese cities followed Tokyo, ahead of Beijing which is Asia’s fifth most expensive city. Hong Kong, Shanghai and Taipei were next most costly in Asia, the survey showed.
Hong Kong, whose currency is tied to the US dollar, has itself become more expensive with a recent rebound in the greenback, ECA said.
“Beijing’s movement has been driven by both the strength of the renminbi and persistent inflation, which we have also seen in other Chinese locations,” said Lee Quane, general manager for Asia at ECA International.
The firm, which provides data to international companies, compares in its twice-yearly survey a basket of 125 consumer items and services purchased by expatriates in more than 370 locations globally.
Korean cities have seen the largest relative decrease in cost of living for visitors because of the won’s depreciation, said ECA, which ranked Seoul 11th most costly in Asia.
A weaker rupee means cost of living for expatriates in India has fallen from a year ago, while the cost of living in Jakarta and Bangkok has also fallen from last year’s levels as their countries’ currencies weakened despite inflation, ECA International said.
“Islamabad is the cheapest location in Asia, with goods and services costing approximately 70 per cent less there than in Japan,” the company said.
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Tokyo costliest Asian city, Beijing more expensive than HK: survey
AFP in Hong Kong
4 December 2008
Strengthening currencies made Tokyo reclaim the title of Asia’s most expensive city for expatriates while Beijing has become more costly than Hong Kong for the first time, a survey showed on Thursday.
“Recent exchange rate fluctuations resulting from this year’s economic crisis are having a major impact on the cost of living for expatriates,” said ECA International, a human resources firm.
Tokyo is ranked number one in Asia and second most expensive in the world after Luanda, the Angolan capital, ECA said.
The capital of the oil-rich southern African nation ranked highest because some of the key consumer items favoured by expatriates that are monitored in the survey’s calculations can be very expensive there.
Last year, Tokyo was Asia’s second most expensive city, behind Seoul, but dropped out of the top 10 most expensive cities globally for the first time that year because of the weaker yen.
“While inflation has tripled since last year, increases in cost of living over the last two months for foreigners coming to Japan have been primarily a result of exchange rate movements,” ECA said.
Three other Japanese cities followed Tokyo, ahead of Beijing which is Asia’s fifth most expensive city. Hong Kong, Shanghai and Taipei were next most costly in Asia, the survey showed.
Hong Kong, whose currency is tied to the US dollar, has itself become more expensive with a recent rebound in the greenback, ECA said.
“Beijing’s movement has been driven by both the strength of the renminbi and persistent inflation, which we have also seen in other Chinese locations,” said Lee Quane, general manager for Asia at ECA International.
The firm, which provides data to international companies, compares in its twice-yearly survey a basket of 125 consumer items and services purchased by expatriates in more than 370 locations globally.
Korean cities have seen the largest relative decrease in cost of living for visitors because of the won’s depreciation, said ECA, which ranked Seoul 11th most costly in Asia.
A weaker rupee means cost of living for expatriates in India has fallen from a year ago, while the cost of living in Jakarta and Bangkok has also fallen from last year’s levels as their countries’ currencies weakened despite inflation, ECA International said.
“Islamabad is the cheapest location in Asia, with goods and services costing approximately 70 per cent less there than in Japan,” the company said.
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