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Introduction
Technological advancements have revolutionized humanity, and many industrial activities have been simplified. Artificial intelligence (AI) has improved product quality and manufacturing processes among companies. Moreover, the adoption of robotics has helped human beings avoid hazardous industrial activities like chemical processing. Education and finance, among other sectors, are beneficiaries of technological advancements. For instance, virtual learning and smart libraries result from technological integration. Financial technology (FinTech) has revolutionized how banks deliver their services to clients. E-banking services like mobile baking and internet banking help clients access the banking services in their comfort. Security systems have also been improved through technological advancements. Tokyo in Japan is one of the fastest-growing cities with innovative technology. Consequently, the citys technology has helped the country host global sports events and attract more foreign investors. Technological advancements have helped Tokyo economically grow and survive the COVID-19.
Tokyo hosts multinational companies and international events that depend on its technological advancements. For instance, the 2020 global Olympic that took place in the city involved technological integration in sports activities (Kassens-Noor and Fukushige). Moreover, the recent COVID-19 pandemic involved technological use in vaccine manufacturing by global companies in the city like Johnson & Johnson. Therefore, Tokyo can be described as an economic and technological hub in Japan. This research paper aim to examine the impact of technology and innovation on various sectors in the city.
Research Questions
This research will examine the impact of technology and innovation in Tokyo, Japan. The research will use existing literature to achieve its objectives. Therefore, through the literature review, this research will seek to answer the following questions:
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What is the impact of technological innovation on industrial activities in Tokyo?
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What is the impact of technological innovation on the financial sector in Japan?
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What are the advantages of technological innovation to Tokyos economic growth?
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How have technology and innovation impacted social life in Tokyo?
Innovation in Tokyo-Literature Review
Tokyo is one of the worlds largest cities with urban and industrial agglomeration. The city is endowed with beautiful Pacific surrounding that promotes economic activities within the area. Moreover, Tokyo hosts many local and international companies in the processing, manufacturing, and serving sectors. Although the city has a convenient environment and a hardworking population making it suitable for industrial activities, it is one of the fastest technologically developing cities (Kassens-Noor and Fukushige 103). Consequently, many global events, including sports activities like the 2020 global Olympics and trade summits, occur in Tokyo (Kassens-Noor and Fukushige 97-101). Tokyo hosts some of the greatest global corporations like Amazon Inc., Oracle, and Johnson & Johnson. Tokyos technological prowess is in the internet of things (IoT), medical technology, and robotics. The technology in Tokyo impacts industrial activities, the financial sector, economic growth, and social life.
Industrial Activities
Tokyo hosts many industries in the processing, manufacturing, and assembly sectors. Moreover, companies like Johnson & Johnson specialize in medical manufacturing. The citys technology and innovation have been on the frontline of promoting industrial activities. Japanese are industrious and innovative, coming in handy for industrial activities that require creativity and innovation (Kawashima 21). Consequently, the industries in Tokyo benefit from creative and innovative technologies invented by the Japanese. For instance, AI is highly utilized in product quality control. Meanwhile, Japanese invented robots are used in handling hazardous activities in chemical processing industries (De Backer et al.). Many companies operating in Japan have established an excellent brand image and a reputation for quality products due to technological integration (Ökten et al. 6). Industrial activities in Japan have been improved through technology and innovation integration.
Financial Sector
Tokyo hosts some global banks such as Mitsubishi UFJ Financial Group, JP Bank, and Shinsei Bank. The financial sector is one of the citys most significant economic sectors and employs many Japanese and Tokyo residents (Anjali et al. 200). Tokyo banks have been revolutionized with advanced technology and adopted modern financial transaction systems. For instance, JP Bank and Shinsei Bank utilize mobile and internet banking to serve their customers (Anjali et al. 204). Therefore, global financial transactions are easy through technologically enabled systems. Moreover, financial companies have adopted innovative technologies like queuing and accounting systems for efficient service delivery (Chinnasamy et al. 180-191). Technological integration in the financial sector has improved service delivery and financial security among banks in Tokyo. FinTech has helped many financial institutions in Tokyo earn more profits through efficient service delivery.
Economic Growth
Technological advancement is one of the factors that contribute to economic growth. Companies depend on technology to improve their service and product delivery. Moreover, technology leads to creating jobs and the improvement of economic sectors. Tokyos prowess in technology has led to the development of new industries and improving existing ones. Consequently, many jobs have been created for Japanese and immigrants in Tokyo (Uesugi 220). Increased employment rate and industrial development lead to increased income tax for the government and improved public service delivery (World Bank). Therefore, technology and innovation in Tokyo have led to positive economic growth and development.
Social Life in Tokyo
The onset of COVID-19 significantly affected social life among residents in Tokyo. Following the government orders to close essential social amenities and lock-down, many residents in Tokyo had to work from home (Riswan). Consequently, social life was greatly affected by the pandemic. However, social media platforms and other technologies for socialization and entertainment helped Tokyo residents cope with the harsh home-alone environments (Knoroz 47). The citys fast internet and smart mobile technologies enabled the residents to surf the internet and virtually interact with others. The most commonly used social media platforms included YouTube, LINE, Twitter, Instagram, and Facebook (Bigbeatinc). Technological advancement plays a crucial role in social life among residents in Tokyo.
Gaps in the Literature and Future Research
Tokyo is Japans economic hub with diverse industrial and business activities. Although the city is known for industrial and financial activities, fishing is the citys traditional economic activity. However, the existing literature insufficiently explores how technology has influenced fishing activities in the area. Moreover, the literature insufficiently discusses the impact of fishing on other industries like medical and food processing. Therefore, it is recommendable that future research explores the fishing industry in Tokyo. The research should discuss the industrys impact on other economic sectors and industries.
Conclusion
Technological advancements in Tokyo have contributed to improved economic growth and industrialization. The city has hardworking and innovative residents who contribute to new technological developments and inventions. Consequently, the citys manufacturing, processing, and banking industries have significantly developed. Moreover, the technology has enabled the residents to socialize over the internet during the COVID-19 pandemic. Although the existing literature explores the impact of technology on various sectors, Tokyos fishing industry is ignored. Therefore, future research on the fishing industry will help understand its impact on other industries.
Works Cited
Anjali, Sharma Krishan, Suwa Aki, and Inagaki Kenji. Tokyo Smart Global MegacitySmart Sustainable Energy Solutions. Smart Global Megacities. In: Vinod Kumar, T.M. (eds) Springer, Singapore, 2022: 191-218. Web.
Bigbeatinc. Japans Top Social Media Platforms in 2021: How Covid-19 Pandemic Has Changed Japan Social Media Landscape. Bigbeatinc.com. 2021, Web.
Chinnasamy, Gopalakrishnan, Preeti Shrivastava, and Nitha Siju. Diffusion and Adoption of E-wallets in Oman for Sustainable Growth. Fourth Industrial Revolution and Business Dynamics. 2021: 177-198.
De Backer, Koen, et al. Industrial robotics and the global organization of production. Wiley Online Library.2018.
Kassens-Noor, E., & Fukushige, T. Olympic technologies: Tokyo 2020 and beyond: the urban technology metropolis. Journal of Urban Technology. 2018: 83-104. Web.
Kawashima, Nobuko. Cool Japanand creative industries: an evaluation of economic policies for popular culture industries in Japan. Asian cultural flows. Springer, Singapore, 2018:19-36, Web.
Knoroz, Tatiana. The Short History of Danchi. Dissecting the Danchi. Palgrave Macmillan, Singapore, 2022: 41-114.
Ökten, Nuriye Zeynep, et al. The effect of brand value on economic growth: A multinational analysis. European research on management and business economics. 2019: 1-7.
Riswan, M. Social implications of Covid-19 pandemic: A brief analysis. 2021.
Uesugi, Masaya. Changes in Occupational Structure and Residential Segregation in Tokyo. Urban Socio-Economic Segregation and Income Inequality. Springer, Cham, 2021: 209-226.
World Bank. World development report 2019: The changing nature of work. The World Bank, 2018, Web.
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