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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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11208900.027
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1990-09-19
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BUSINESS, Page 76Business NotesCOST OF LIVINGLand of the Rising Prices
"Potatoes are cheaper, tomatoes are cheaper," goes the
Depression-era song, but you won't hear them singing it in Japan.
A new survey comparing U.S. consumer prices with their Japanese
counterparts confirms what travelers have been saying for years:
Japan is a bargain hunter's nightmare. On average, consumer costs
in Tokyo run 40% higher than those in New York City.
A joint project of the U.S. Commerce Department and Japan's
Ministry of International Trade and Industry, the study examined
the comparative prices of 122 products ranging from catsup to
cameras. The results: 84 items were priced higher in Japan's
capital than in the Big Apple. The more dramatic examples included
European spark plugs ($7.60 in Tokyo, $1.70 in New York), U.S.-made
electric shavers ($90.15 vs. $44.95) and Australian bed linen
($63.40 vs. $20). The Bush Administration is likely to cite the
survey as evidence that Japanese trade barriers hinder competition
that would lead to lower prices in that country.