Editing Tokyo (section)

=== 1973–present ===
[[File:Tokyo Skyline20210123.jpg|thumb|Shinjuku's development as a business district started in the 1970s.]]
Although the [[1973 oil crisis]] put an end to the rapid post-war recovery and development of Japan's economy, its position as the [[List of countries by past and projected GDP (nominal)|world's second-largest economy at the time]] had seemed secure by that point, remaining so until 2010 when it was surpassed by [[China]].<ref>{{Cite web |title=The 1973 Oil Crisis and the End of Rapid Economic Growth │ History by Ages {{!}} Sojitz History |url=https://www.sojitz.com/history/en/era/05/ |access-date=2024-05-25 |website=Sojitz Corporation's |language=en}}</ref> Tokyo's development was sustained by its status as the economic, political, and cultural hub of such a country. In 1978, after years of the intense [[Sanrizuka Struggle]], [[Narita International Airport]] opened as the new gateway to the city, while the relatively small [[Haneda Airport]] switched to primarily domestic flights.<ref>{{cite web|last=Imoto|first=Keisuke|script-title=ja:羽田空港の歴史|url=https://www.jstage.jst.go.jp/article/jjca/48/4/48_4_4_7/_pdf|publisher=[[Japan Science and Technology Agency]]|access-date=28 November 2013|archive-date=3 March 2016|archive-url=https://web.archive.org/web/20160303230201/https://www.jstage.jst.go.jp/article/jjca/48/4/48_4_4_7/_pdf|url-status=live}}</ref> [[Nishi-Shinjuku|West Shinjuku]], which had been occupied by the vast Yodobashi Water Purification Centre until 1965, became the site of an entirely new business district characterized by skyscrapers surpassing 200 metres during this period.<ref>Iglesias, Fernando, and Isoya Shinji. "The First Global Management Plan for the Urban Landscape Restructure in Tokyo." ''Journal of the Korean Institute of Landscape Architecture International Edition'' 1 (2001): 176-182.</ref>

The American-led [[Plaza Accord]] in 1985, which aimed to depreciate the US dollar, had a devastating effect on Japan's manufacturing sector, particularly affecting small to mid-size companies based in Tokyo.<ref>Mihut, Marius Ioan. "Plazza Acord and the "explosion" of the Japanese FDI." ''Procedia Economics and Finance'' 15 (2014): 721-729.</ref> This led the government to adopt a domestic-demand-focused economic policy, ultimately causing an [[Japanese asset price bubble|asset price bubble]]. Land redevelopment projects were planned across the city, and real estate prices skyrocketed. By 1990, the estimated value of the [[Tokyo Imperial Palace|Imperial Palace]] surpassed that of the entire [[California|state of California]].<ref>{{Cite web |date=2020-07-01 |title=5 crazy facts about Japan's 1980s bubble economy |url=https://www.scmp.com/magazines/style/news-trends/article/3091222/japan-1980s-when-tokyos-imperial-palace-was-worth-more |access-date=2024-05-25 |website=South China Morning Post |language=en}}</ref> The [[Tokyo Stock Exchange]] became the largest stock exchange in the world by market capitalization, with the Tokyo-based [[Nippon Telegraph and Telephone|NTT]] becoming the most highly valued company globally.<ref name=":2" /><ref name=":4">Worrall, Julian. "[https://www.nasdaq.com/articles/14-fascinating-facts-about-japanese-stocks-1989-2017-05-23 14 Fascinating Facts About Japanese Stocks -- From 1989] {{Webarchive|url=https://web.archive.org/web/20240525110339/https://www.nasdaq.com/articles/14-fascinating-facts-about-japanese-stocks-1989-2017-05-23 |date=May 25, 2024 }}". ''Nasdaq''. May 23, 2017.</ref>
[[File:Tokyo 2020 Olympic Games- Monument of Olympic Rings.jpg|thumb|The 2020 Olympics were postponed and held in 2021 due to the COVID-19 pandemic.]]
After the bubble burst in the early 1990s, Japan experienced a prolonged economic downturn called the "[[Lost Decades]]", which was characterized by extremely low or negative economic growth, deflation, and stagnant asset prices.<ref>{{cite book |editor1=Saxonhouse, Gary R.|editor2=Stern, Robert M.|title=Japan's Lost Decade: Origins, Consequences and Prospects for Recovery |publisher=[[Blackwell Publishing Limited]] |year=2004 |isbn=978-1-4051-1917-7 }}</ref> Tokyo's status as a world city is said to have depreciated greatly during these three decades. Nonetheless, Tokyo still saw new urban developments during this period. Recent projects include [[Ebisu, Shibuya|Ebisu]] Garden Place, [[Tennōzu Isle]], [[Shiodome]], [[Roppongi Hills]], [[Shinagawa, Tokyo|Shinagawa]], and the [[Marunouchi]] side of [[Tokyo Station]]. [[Land reclamation]] projects in Tokyo have also been going on for centuries. The most prominent is the [[Odaiba]] area, now a major shopping and entertainment center. In the 1990s, various plans were proposed<ref>{{cite web |url=http://www.jpc-sed.or.jp/eng/committee/committee06.html |title=Shift of Capital from Tokyo Committee |access-date=October 14, 2007 |publisher=Japan Productivity Center for Socio-Economic Development
|archive-url=https://web.archive.org/web/20070825113931/http://www.jpc-sed.or.jp/eng/committee/committee06.html |archive-date=August 25, 2007 |url-status=dead }}</ref> for transferring national government functions from Tokyo to secondary capitals in other regions of Japan, to spread population and investment more evenly.<ref>{{Cite web |title=国会等の移転は首都移転と違うのか - 国会等の移転ホームページ - 国土交通省 |url=https://www.mlit.go.jp/kokudokeikaku/iten/relocation/qa/qa_step1_02.html |access-date=2025-02-06 |website=www.mlit.go.jp}}</ref> Such plans were met with fierce opposition, and then-prime minister [[Junichiro Koizumi]] decided to close parliamentary discussions in 2003.<ref>{{cite web|url=http://www.metro.tokyo.jp/ENGLISH/GOVERNOR/SPEECH/2003/0301/2.htm |title=Policy Speech by Governor of Tokyo, Shintaro Ishihara at the First Regular Session of the Metropolitan Assembly, 2003 |access-date=October 17, 2007 |publisher=Tokyo Metropolitan Government |url-status=dead |archive-url=https://web.archive.org/web/20071103052926/http://www.metro.tokyo.jp/ENGLISH/GOVERNOR/SPEECH/2003/0301/2.htm |archive-date=November 3, 2007 }}</ref><ref>{{Cite web |title=時代の変化とともに変わる首都機能移転 - 国会等の移転ホームページ - 国土交通省 |url=https://www.mlit.go.jp/kokudokeikaku/iten/onlinelecture/lec109.html#m3 |access-date=2025-02-06 |website=www.mlit.go.jp}}</ref> The [[Agency for Cultural Affairs]] relocated from [[Kasumigaseki]] to [[Kyoto]] in 2023, making it the only central organ of the [[Civil service of Japan|Civil Service]] to move out of Tokyo so far.<ref>{{Cite web |date=2023-02-26 |title=文化庁京都移転､日本ブランドどう発信 東京と連携課題 |url=https://www.nikkei.com/article/DGXZQOUF087F20Y2A101C2000000/ |access-date=2025-02-06 |website=日本経済新聞 |language=ja}}</ref>

On September 7, 2013, the [[IOC]] selected Tokyo to host the [[2020 Summer Olympics]]. Thus, Tokyo became the first Asian city to host the Olympic Games twice.<ref>{{cite web|url=http://www.olympic.org/tokyo-2020-summer-olympics|title=IOC selects Tokyo as host of 2020 Summer Olympic Games|access-date=October 10, 2014|archive-url=https://web.archive.org/web/20141010075145/http://www.olympic.org/tokyo-2020-summer-olympics|archive-date=October 10, 2014|url-status=live}}</ref> However, the 2020 Olympic Games were postponed and held from July 23 to August 8, 2021, as a result of the [[COVID-19 pandemic in Japan|COVID-19 pandemic]].<ref>{{cite news |title=In defense of Tokyo 2020, the loneliest Olympics |language=en |url=https://www.japantimes.co.jp/commentary/2024/07/22/japan/tokyo-2020-covid-olympics-defense/ |access-date=23 July 2024 |work=The Japan Times |date=22 July 2024 |archive-date=July 24, 2024 |archive-url=https://web.archive.org/web/20240724234045/https://www.japantimes.co.jp/commentary/2024/07/22/japan/tokyo-2020-covid-olympics-defense/ |url-status=live }}</ref>