Tokyo: Tokyo ranked third for the eighth straight year among the world’s 48 major cities in terms of comprehensive power to attract people, capital, and enterprises from around the world, a Japanese think tank said Thursday.

But Tokyo’s total score fell from the previous year as the city was ranked lower in the narrower evaluation category of “economy” in the 2023 Global Power City Index rankings, drawn up by the Mori Memorial Foundation’s Institute for Urban Strategies.

In the economy category, the Japanese capital fell from the previous year’s fifth place to 10th, the lowest ever, due to the city’s sluggish growth rate weighed down by the novel coronavirus crisis, its low wage level, and its limited variety of workplace options.

Tokyo ranked higher in the “livability” category after its price level declined relatively.

The order of the overall rankings was unchanged from the previous year for the first to seventh places, with London coming first, New York at the second spot, and Seoul at seventh.

In a separate ranking evaluating the cities’ competitiveness as international financial centers, Tokyo was ranked third, reflecting its highly evaluated financial intermediary function, following New York and London.

JIJI Press