Tokyo boasts the world’s biggest metropolitan economy. Tokyo is home to 51 of the Global 500 firms, about double the number of the second-placed city (Paris).
Tokyo is a prominent worldwide financial center that is home to the headquarters of some of the world’s top investment banks and insurance corporations, as well as a hub for Japan’s transportation, publishing, electronics, and broadcasting sectors. During Japan’s postwar economic development, several prominent corporations relocated their headquarters from locations such as Osaka (the historical commercial hub) to Tokyo in order to have greater access to the government. This tendency has started to decelerate as a result of Tokyo’s continued population expansion and high expense of living.
The Economist Intelligence Unit ranked Tokyo as the most expensive (highest cost-of-living) city in the world for 14 years in a row, ending in 2006.
Tokyo, along with New York City and London, has been regarded as one of the three “command hubs” for the global economy.
The Tokyo Stock Exchange is Japan’s biggest stock exchange, as well as the world’s third largest in terms of market capitalization and fourth largest in terms of share turnover.
Tokyo’s tourism industry also contributes to the city’s economy. According to the Tokyo administration, 4.81 million overseas visitors and 420 million Japanese visitors visited Tokyo in 2006, with a total economic value of 9.4 trillion yen. Many visitors visit the many downtowns, businesses, and entertainment areas across the special wards of Tokyo; for schoolchildren on field excursions, a visit to the Tokyo Tower is mandatory. Cultural offerings include the ubiquitous Japanese pop culture and associated districts such as Shibuya and Harajuku, as well as subcultural attractions such as the Studio Ghibli anime center and museums such as the Tokyo National Museum, which houses 37 percent of the country’s artwork national treasures.
Tsukiji Fish Market in downtown Tokyo is the world’s largest wholesale fish and seafood market, as well as one of the world’s largest wholesale food marketplaces of any sort. The Tsukiji market upholds the traditions of its forefather, the Nihombashi fish market, and serves over 50,000 buyers and sellers each day. Retailers, wholesalers, auctioneers, and ordinary residents all attend the market, producing a unique microcosm of ordered chaos that, after four centuries, continues to power the city and its food supply.