section_path: History/1973–present
section_name: 1973–present
paragraph_text: 1973–present
  
  Although the 1973 oil crisis put an end to the rapid post-war recovery and development of Japan's economy, its position as the world's second-largest economy at the time had seemed secure by that point, remaining so until 2010 when it was surpassed by China. 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. 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.
  
  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. This led the government to adopt a domestic-demand-focused economic policy, ultimately causing an asset price bubble. Land redevelopment projects were planned across the city, and real estate prices skyrocketed. By 1990, the estimated value of the Imperial Palace surpassed that of the entire state of California. The Tokyo Stock Exchange became the largest stock exchange in the world by market capitalization, with the Tokyo-based NTT becoming the most highly valued company globally.
  
  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. 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 Garden Place, Tennōzu Isle, Shiodome, Roppongi Hills, 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 for transferring national government functions from Tokyo to secondary capitals in other regions of Japan, to spread population and investment more evenly. Such plans were met with fierce opposition, and then-prime minister Junichiro Koizumi decided to close parliamentary discussions in 2003. The Agency for Cultural Affairs relocated from Kasumigaseki to Kyoto in 2023, making it the only central organ of the Civil Service to move out of Tokyo so far.
  
  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. However, the 2020 Olympic Games were postponed and held from July 23 to August 8, 2021, as a result of the COVID-19 pandemic.