Officials of the International Olympic Committee and the Tokyo Olympic organizing committee started a two-day meeting Tuesday to discuss preparations for the 2020 Games, covering key issues including cost-cutting.
At the outset of the seventh project review between the two sides in Tokyo, IOC Vice President John Coates stressed the importance of reducing the overall budget of ¥1.39 trillion ($12 billion), which includes estimates for the Paralympics as well.
"You've seen that I am quoted as saying the IOC needs to find savings of 500 million dollars for winter games and $1 billion for summer games," said Coates, who chairs the IOC's Coordination Commission for the 2020 Tokyo Olympics.