The 2020 Tokyo Olympic and Paralympic Games could cost up to ¥2 trillion, or as much as 2.5 times the initial estimate in Tokyo's 2013 presentation to win the right to host the sporting extravaganza, the event's organizing committee said Tuesday.
Toshiro Muto, the director-general of the 2020 Tokyo Olympic committee, revealed the latest estimate during a four-party meeting of the International Olympic Committee, the Tokyo Organizing Committee, Japan's central government and the Tokyo Metropolitan Government at a hotel in Tokyo's Odaiba waterfront area.
Muto said the ¥2 trillion figure is a ceiling for the total budget and that the organizing committee will try to further cut costs, adding that it will submit a final estimate to the IOC next year.