Tokyo significant event 1964 Summer Olympics
1945–present
After the war, Tokyo became the base from which the United States under Douglas MacArthur administered Japan for six years. Tokyo struggled to rebuild as occupation authorities stepped in and drastically cut back on Japanese government rebuilding programs, focusing instead on simply improving roads and transportation. Tokyo did not experience fast economic growth until the 1950s.After the occupation of Japan ended in 1952, Tokyo was completely rebuilt and was showcased to the world during the 1964 Summer Olympics. The 1970s and the 1980s brought new high-rise developments. In 1978, Sunshine 60 – the tallest skyscraper in Asia until 1985, and in Japan until 1991 – and Narita International Airport were constructed, and the population increased to about 11 million in the metropolitan area. The Edo-Tokyo Open Air Architectural Museum has historic Japanese buildings that existed in the urban landscape of pre-war Tokyo.
Tokyo's subway and commuter rail network became one of the busiest in the world as more and more people moved to the area. In the 1980s, real estate prices skyrocketed during a real estate and debt bubble. The bubble burst in the early 1990s, and many companies, banks, and individuals were caught with mortgage-backed debts while real estate was shrinking in value. A major recession followed, making the 1990s Japan's "Lost Decade", from which it is now slowly recovering.
Tokyo still sees new urban developments on large lots of less profitable land. Recent projects include Ebisu Garden Place, Tennōzu Isle, Shiodome, Roppongi Hills, Shinagawa (now also a Shinkansen station), and the Marunouchi side of Tokyo Station. Buildings of significance have been demolished for more up-to-date shopping facilities such as Omotesando Hills.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. Various plans have been proposed for transferring national government functions from Tokyo to secondary capitals in other regions of Japan, to slow down rapid development in Tokyo and revitalize economically lagging areas of the country. These plans have been controversial within Japan and have yet to be realized.
The 2011 Tōhoku earthquake and tsunami that devastated much of the northeastern coast of Honshu was felt in Tokyo. However, due to Tokyo's earthquake-resistant infrastructure, damage in Tokyo was very minor compared to areas directly hit by the tsunami, although activity in the city was largely halted. The subsequent nuclear crisis caused by the tsunami has also largely left Tokyo unaffected, despite occasional spikes in radiation levels.On September 7, 2013, the IOC selected Tokyo to host the 2020 Summer Olympics. Tokyo thus became the first Asian city to host the Olympic Games twice. However, as a result of the COVID-19 pandemic, the 2020 Olympic Games took place from July 23, 2021, to August 8, 2021. It is also unclear how the city will deal with an increasing number of issues, urging scholars to offer possible alternatives approaches to tackle the most urgent problems. Although, COVID-19 has impeded the growth of many industries, the real estate market in Japan is yet to be negatively impacted. Japanese real estate has become one of the safest investments for foreign investors around the world.As of 2020, the Greater Tokyo Area is the world's largest urban area with over 38 million residents, making it as its largest metro area.
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