Tokyo Olympic organizers on Wednesday slapped a first official price tag of ¥1.6 to ¥1.8 trillion on the 2020 Games.

But International Olympic Committee Vice President John Coates warned that the IOC is "still keen to see further savings."

"We will work hard to reduce that number further," said Tokyo 2020 organizing committee President Yoshiro Mori. "We have calculated numbers from exact studies but this is not the final number.