Osaka - Economy

Economy

See also Companies based in Osaka

The gross city product of Osaka in fiscal year 2004 was ¥21.3 trillion, an increase of 1.2% over the previous year. The figure accounts for about 55% of the total output in the Osaka Prefecture and 26.5% in the Kinki region. In 2004, commerce, services, and manufacturing have been the three major industries, accounting for 30%, 26%, and 11% of the total, respectively. The per capita income in the city was about ¥3.3 million, 10% higher than that of the Osaka Prefecture. MasterCard Worldwide reported that Osaka ranks 19th among the world's leading cities and plays an important role in the global economy.

The GDP in the greater Osaka area (Osaka and Kobe) is $341 billion. Osaka, along with Paris and London, has one of the most productive hinterlands in the world.

Historically, Osaka was the center of commerce in Japan, especially in the middle and pre-modern ages. Nomura Securities, the first brokerage firm in Japan, was founded in the city in 1925, and Osaka still houses a leading futures exchange. Many major companies have since moved their main offices to Tokyo. However, several major companies, such as Panasonic, Sharp, and Sanyo, are still headquartered in Osaka. Recently, the city began a program, headed by mayor Junichi Seki, to attract domestic and foreign investment.

The Osaka Securities Exchange, specializing in derivatives such as Nikkei 225 futures, is based in Osaka. The merger with JASDAQ will help the Osaka Securities Exchange become the largest exchange in Japan for start-up companies.

According to a U.S. study, Osaka is the second most expensive city for expatriate employees in the world and in Japan behind Tokyo. It jumped up nine places from 11th place in 2008. Osaka was the 8th most expensive city in 2007.

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