section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  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. Osaka's GDP per capita (Nominal) was $59,958.($1=\120.13) However, by 2020, Osaka ranked as the 5th most expensive city due to flatlining consumer prices and government subsidies of public transportation.
  
  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. In the 2017 Global Financial Centres Index, Osaka was ranked as having the 15th most competitive financial center in the world and fifth most competitive in Asia (after Singapore, Hong Kong, Tokyo, and Shanghai).
  
  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 global consulting firm Mercer, Osaka was the second most expensive city for expatriate employees in the world in 2009. It jumped up nine places from 11th place in 2008 and was the eighth most expensive city in 2007. However, it was not ranked in the top ten places of the list in 2013. The Economist Intelligence Unit (EIU) ranked Osaka as the second most expensive city in the world in its 2013 Cost of Living study.