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The main venue in Tokyo was designed by Zaha Hadid and will cost US$1bn to build
years and government debt has increased to more than twice the size of its US$6tn economy, in part because of the costs of caring for the country’s elderly population. Analysts believe one of the main challenges for the government will be justifying the expense of the Games. However, since Prime Minister Shinzo
Abe came to power late last year and adopted more bold monetary and government reforms, Japan has become the fastest-growing country in the G7. Nomura Securities’ chief strategist
Hiromichi Tamura, in a report published earlier this year, said the 2020 Olympics is likely to add about US$14bn to Japan’s economy. Although this is a lower percentage of GDP than the country got from its previous three Olympics: the Summer Games in Tokyo in 1964, and the Winter Games in Sapporo in 1972 and Nagano in 1998, hosting the 2020 Games
Issue 3 2013 © cybertrek 2013
Tokyo’s win follows Japan’s successful
bid to host the 2019 Rugby World Cup
will bring other benefits. Tamura said the win will fuel consumer confidence and spending, which is the missing part of the puzzle in Japan’s economic recovery. “If the government’s growth strate-
gies go according to plan, the benefits should be obvious to everyone by 2020”, he said. “In the same way that the 1964 Tokyo Olympics showed that Japan had entered the ranks of modern industri- alised nations, the 2020 Tokyo Olympics could show that Japan is back.”
DOUBLE HEADER Tokyo’s success in winning both the 2019 Rugby World Cup and 2020 Olympic Games makes this the second Olympic Games to be awarded in tandem with another major sporting event, follow- ing the double being tackled by Rio de Janeiro, which hosts the FIFA World Cup in 2014 and the Olympic Games in 2016. ●
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