TOKYO IS NO.1 ADVERTISING CAPITAL

According to a recent report from Advertising Age, Tokyo has replaced New York as the world's advertising capital.

The report, covering more than 1,600 agencies worldwide, shows that Tokyo agencies accounted for $24.5 billion in billings last year, up 8.4 percent from 1990, while New York totaled $24.1 billion, up 3.2 percent from 1990.

London finished third at $12.1 billion, followed by Paris at $9.1 billion, and Chicago, $7.1 billion.