Tokyo 2020 organizers unveil ‘significant’ budget cuts

Tokyo 2020 Olympic organizers on Friday unveiled a “significant” cut in the budget for hosting the Games, as the city comes under pressure to keep a lid on spiraling costs, AFP reported. The overall Games budget now stands at a total 1.35 trillion yen (US$12.6 billion). The move represents a cut of $1.4 billion compared to the previous version of the budget unveiled last December and $0.3 billion compared to an interim figure agreed in May. “Tokyo 2020 will continue to seek further cost reductions, particularly in the areas of event operations, transport, accommodation and security,” according to the statement. In October, the IOC’s Games Coordination Commission chairman John Coates said Tokyo should aim to cut overall costs by $1 billion from the interim figure.