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2012-06-14
Tokyo, the World's Most Expensive City for Foreigner Staffs

The original article was taken from 英文阅读网.

Tokyo has become the world's most expensive city for foreign staff to live in, according to research, overtaking the Angolan capital Luanda.

调查显示,东京取代安哥拉首都罗安达,成为世界上外国职员居住成本最贵的城市。

The yen's rise against the dollar pushed up the cost of living for staff and firms paid in other currencies.

The research, carried out by the consultancy Mercer, showed that Paris, Rome and Amsterdam had all slid down the rankings as a weaker euro reduced costs for overseas firms.

London ranked 25, down seven places.

Eurozone costs fall

Accommodation remains the biggest cost for overseas staff, accounting for 25% of spending, according to the Mercer research, which looked at the cost of living in 214 cities. That is followed by transport and utility bills.

Falling incomes and rising unemployment due to recession in most eurozone countries have depressed prices.

In Paris, the rent on an unfurnished, two-bedroom luxury property fell 3% to $3,041 (£1,964), according to Mercer. Rental costs in Rome, Berlin and Madrid were also down.

But, perhaps the biggest impact on prices has been the exchange rate. The euro has fallen 16% since its peak in May. That translates into a 16% discount for staff and companies operating in the eurozone.

Rising Asian costs

In comparison, the relative boom in many Asia-Pacific economies has pushed up bills for expats(亡命国外者) based in the region.

In Shanghai, spending on accommodation has risen 73%. Rents in the world's most expensive property market, Hong Kong, rose 23% to $7,039 for a two-bedroom apartment. Rents in Beijing were up 15%.

Mercer based its findings on prices gathered between March 2011 and March 2012.

During that time, strong swings on the currency markets have been bad news for overseas companies operating in Asia, especially those who receive most of their income in euros.

European firms would have faced rises of up to 15% in Australia and 8% in Japan purely on the basis of exchange rate movements.

This time I let you guys to discuss the issues raised in the article and will evaluate your comments later on.
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2012-6-14 05:18:38
确实,北京上海也很贵啊。
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2012-6-14 13:57:31
Living expenses are hard to evaluate sometimes, and this is one side to give the price level. I still remember that I heard the news last time for that small country reached No.1, and people there suffer a lot. It may a trend for big cities in Asia encounter higher prices, but the income should go with that. I hope Beijing will not get so high in this kind of charts, since ordinary people need to survive and hope for a relatively comfortable life.
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2012-6-14 20:08:17
I strongly agree the views stated above that income must be taken into account when evaluting a city's  cost of living. The result of this research is unilateral.
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2012-6-14 20:32:19
Yes, it's been increasingly difficult for multinational companies operating in Asia-Pacific countries due to the ever-increasing labour costs and exchange rate fluctuations, and that's why some companies are giving thoughts to withdrawing their branches in these high-cost countries like China and put them in lower-cost ones, say, Vietnam. Even  a lot of Chinese factories who suffer from the increasing labour costs are also injecting RMBs into Vietnam to take advantage of the lower costs there. To my knowledge, loads of glassware factories in Vietnam whose owners are Chinese, have become strong competitions to those in China now.
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2012-6-14 20:53:20
My father lived in Tokyo From 1998 to 2006, at that time, the price was so high that I could not bear. I went to a supermarket and found that I could buy a watermelon only if I had spent 1000 yen
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