July 17 2022 13:27
Tokyo fell to the ninth most expensive city for expatriate workers to stay in 2022, from third place a year ago, due in part to the yen’s weakness against the dollar and other major currencies, according to an annual cost-of-living survey by a US consultancy.
According to Japan’s Kyodo news agency, Mercer’s cost-of-living survey comes as the effects of the coronavirus pandemic, now in its third year, the repercussions of Russia’s attack on Ukraine, exchange rate variances and price hikes have put pressure on wages and savings globally.
Hong Kong topped the list of the most expensive cities in the world, returning to the first place after it left Ashgabat, the capital of Turkmenistan in 2021. Hong Kong had been at the top of the list of the most expensive cities in the world for three years.
consecutively until 2020.
Asian cities occupied four of the top ten, with Singapore, Tokyo and Beijing in the eighth to tenth places.
In a separate ranking of the 10 most cost-of-living Asian cities, Chinese cities took six places, a development attributed to the strong Chinese yuan, which is raising the cost of living on the mainland.
Source: agencies
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