Japan cities most expensive for expats
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Tokyo has replaced Moscow as the most expensive city for foreigners, while Osaka moved up to number two, according to the latest Mercer LLC ‘Cost of Living Survey’, reported by Bloomberg. London dropped out of the world’s top 10 most expensive cities for expatriates for the first time since 2001, sliding from third to 16th place as the pound and rental prices slumped.
The yen’s strength against the US dollar was the main cause of the Japanese cities’ rise. Five of the top 10 are in Asia, with Beijing climbing 11 places to ninth, one above Singapore, which rose from 13th. Hong Kong gained one place to fifth. Dubai rose to 20th place from 52nd, and Abu Dhabi advanced to 26th position from 65th. Weakening currencies affected cities in Australia and India. Sydney dropped 51 places to 66th, equal with Mumbai, which slipped from 48th, the report said.
“Many currencies, including the euro and British pound, have weakened considerably against a strong US dollar, causing a number of European cities to plummet in the rankings,” Nathalie Constantin-Metral, a senior researcher at Mercer, was reported saying.
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