Tokyo 2020 Projecting $38B Economic Impact On Japan, Could Persuade Support
The Tokyo 2020 Bid Committee released research stating that the Tokyo 2020 Olympic and Paralympic Games are projected to generate economic activity in Japan worth 3T yen ($37.9B), and create more than 150,000 jobs, if Japan's capital secures the bid to host the Games. The report estimates the Tokyo 2020 Games having a strong economic impact in numerous sectors, including supplier contracts for local and int'l businesses, administrative activities (opening and closing ceremonies, competition management, transport and security) and the short- and long-term benefits of tourism and job creation. The 3T yen ($37.9B) figure includes a 1.67T yen ($21.1B) economic benefit for the metropolitan area and 1.29T yen ($16.3B) for the rest of the national economy. New jobs are expected to amount to 84,000 in Tokyo and 68,000 throughout the rest of the country. The economic benefits of improved infrastructure are not included in the 3T ($37.9B) figure. Tokyo 2020 CEO Masato Mizuno said, "Tokyo 2020 promises to be a financially robust Games due to vast resources guaranteed by the Tokyo Metropolitan Government, along with strong backing by corporate Japan" (Tokyo 2020). The WALL STREET JOURNAL's blog Japan Real Time's Yoree Koh writes that the reported figures "may help persuade more Tokyoites to get behind the bid, which has seen lackluster support so far," and may also soften concerns over the initial cost of bidding for the games. The budget for the 2020 bid has been set at 7.5T yen ($94M), half the amount spent on "Tokyo's disastrous campaign to host the 2016 Olympics" (WALL STREET JOURNAL, 6/8).