Figure 4： Tokyo, price and rank change since 2012 (USD)

If you account for taxes, Japan is the cheapest place in the world to buy an of the cost of the same in Zurich and New York. It's cheaper than in Johannesburg, Sao Paulo, Istanbul, Warsaw and Prague amongst dozens more almost two times as expensive in London. A cappuccino in Tokyo is cheaper than in 44 of our 69 focus cities, including EM economies. Tokyo property and rental prices, the most expensive in the world around 35 cost of doing so in New York. In USD terms, it's down -23 percent since the price per square meter is down by almosta quarter overthe last 10 years. Salaries have also lagged with Zurich (1st) seeing wages 3.5 times that in Tokyo (39th), which sits next to Madrid, Prague and Warsaw. cheap internationally. Note that when we launched this series in 2012, the US was very cheap versus its peers. For example, New York has moved up +32 places to the of a meal for two, coffees, alcohol, taxi and clothes. It is also now ranked 4th for a fitness membership, jumping +11 ranks since 2012. It is a similar picture for other While economies can stay cheap or expensive for a prolonged period of time, the over the medium-term. The Nikkei is up over +70% over the last 12 months and has finally shaken off the peak level seen at the end of 1989.