JAPAN: A government study has found that...

JAPAN: A government study has found that the Japanese may not be as rich as they seem. According to the Management and Coordination Agency, Tokyo residents must spend 8.7 times their annual income on a home, compared to 3.4 times for Americans. The study also found that the average per-capita floor space of a Japanese home was less than half that of an average U.S. home. Japan’s 1988 per-capita income of $18,850 put it fourth behind Switzerland, Iceland and Denmark. But high commodity prices offset the income, resulting in a purchasing parity behind the United States and Switzerland.