In the 1980s, Tokyo was recognized along with New York and London as one of the top three financial centers in the world. Tokyo has since fallen from its top position--a process aggravated by competition from other world cities. Let's evaluate Tokyo's attractiveness as a business environment.
	While the yearly market volume of the Tokyo and New York Stock Exchanges were roughly the same in 1990, by 1998 New York's was almost 10 times greater.		Market Volume (total value of transactions, in dollars) Tokyo Metropolitan Government "Tokyo City White Paper" (April 2000)
	The number of foreign companies listed on the Tokyo Stock Exchange peaked at 127 in 1991, and has since dropped to 39 (as of June 2001).		Changes in No. of Foreign Companies Listed on Tokyo Exchange & Exchange Rates Tokyo Stock Exchange (June 20, 2001)
	A survey of foreign business people working in the metropolitan area reveals an extremely high assessment of Tokyo as a business environment. Yet, while their evaluations of the communication network, employee competence, and the transportation network are high, roughly half of respondents are dissatisfied with airport access. Over 60% of respondents are satisfied with office rents, and about 80% are satisfied with the quality of office space.		Tokyo Business Environment as Seen by Foreign Business People* Annual Report on Metropolitan Area Services, 2000 (Ministry of Land, Infrastructure and Transport)
	*A survey of 494 foreign business people working in foreign-owned companies in the Tokyo metropolitan area

	The Tokyo Metropolitan area (Tokyo, Kanagawa, Chiba, and Saitama Prefectures) accounts for approximately 30% of Japan's GDP, and is headquarters to approximately 50% of the nation's companies and retail stores with a capitalization of 100 million yen or more.		Tokyo Metropolitan Area's National Share Ministry of Construction, "Tokyo ken no genjou to kadai ni tsuite (Existing Conditions and Issues in the Tokyo Metropolitan Area)," February 2000
	As 88% of foreign-owned companies in Japan are located in the Tokyo area, we can see its importance as a base for international business.		Distribution of Foreign Corporate Headquarters in Japan Toyo Keizai, "Gaishiekei Kigyou Soukan (Conspectus of Foreign-owned Companies) '01"

	According to a December 2000 survey, the supply of space in large office buildings will reach 1.93 million sq. m. in 2003, the most since 1994. However, it will decrease again the following year (2004) to the level of the 1999 low. Considering these projections and the high demand in recent years for new office buildings, it is hard to conceive that there would be a glut of upscale office buildings, particularly as the inferior quality of existing buildings with respect to information infrastructure and earthquake-resistance will weaken their competitiveness.		Large Office Building Supply in Tokyo's 23 Wards Mori Building Co. Ltd., "Survey of the Supply of Large Office Buildings in the 23 Wards of Tokyo," December 2000
	According to a survey on office comfort, the average floor area per worker in Tokyo is 15.4 sq. m., and has increased each year for six years. The averages in Japanese vs. foreign-owned companies were 14.1 and 18.7 sq. m. respectively, and the gap remained unchanged. Despite being an economically developed nation, Japan's office environment awareness lags behind other industrialized countries. In an age of global standards, this calls for a reform in office-space consciousness.		Floor Area Per Worker (in Japanese & Foreign Companies) Mori Building Co., Ltd., "Survey of Office Comfort Level," 1998*
	Per person floor area allotments are important index for determining floor area needs in leasing tenant office space, as well as projecting future office demands.		** Office floor area: the leased office area, not including elevator halls and other common use areas of the building.
	*A survey of 543 tenant companies in leading Tokyo office buildings (owned by Mori Building)

	4 Competitiveness Input Factors - International Institute for Management Development (IMD) "2001 World Competitiveness Yearbook" GDP - Tokyo Metropolitan Government, "Tomin Keizai Nenpou (Tokyo Citizens' Economic Annual) 1999" - NYC Office of Management and Budget "Report on Current Economic Conditions" (New York) - "UK Gross Domestic Product at Base Prices, Regional Trends Dataset 1998" (London) - Institut National de la Statistique et des Etudes Economiques, "Les produits interieurs bruts regionaux en 1998" (Paris) - "China Statistical Yearbook 1999" (Shanghai) Corporate Taxes - Ookura Zaimu Kyokai Foundation, "Kokusai torihiki kazei no jitsumu (The Practical Business of Taxing International Transactions)" - Toyo Keizai Shinpousha, "Asia/taiheiyou no zeimu guide (Asia/Pacific Tax Guide)" - Chuo Keizaisha, "America no zeihou-renpouzei/shuuzei no subete (All About US Tax Laws--Federal/State)" Internet Users - Nielsen Net Ratings Current Internet Universe Estimate Percentage of Broadband Connections - CyberAtlas "Broadband Connections by Nation/Technology" "Does government economic policy adapt well to changes in the economic environment?" Ranking - International Institute for Management Development (IMD) "2001 World Competitiveness Yearbook." Index of Economic Freedom - The Heritage Foundation's Index of Economic Freedom Higher Education Enrollment - "Does university education meet the needs of a competitive economy?" Ranking - International Institute for Management Development (IMD) "2001 World Competitiveness Yearbook." No. of Foreign-owned Companies Listed on the Stock Exchange - Tokyo Stock Exchange - New York Stock Exchange (NYSE) - London Stock Exchange - Bourse de Paris Departement de Statistiques - HKEx Department of Statistics - Singapore Exchange Limited Department of Statistics

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