Tag: Olympic Economy

The historic decision to postpone this year's Olympic Games over the coronavirus pandemic is likely to pile on the pain for Japan's economy, already expected to be roiled by the global virus outbreak, economists say. What has the Games cost Japan? At the end of 2019, organizers estimated the total cost of the Games at around 1.35 trillion yen ($12.6 billion). That is divided between the city of Tokyo, which is paying 597 billion yen, the Japanese organizing committee, which contributes 603 billion yen and the central government, which is paying 150 billion yen. But the actual costs for the country have been hotly debated, with a widely publicized audit report estimating national government spending from the bid in 2013 until 2018 at 1.06 trillion yen, nearly 10 times the b...