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Audit finds Tokyo Olympic costs 20pc higher than announced

TOKYO (AP) – The cost of the delayed 2020 Tokyo Olympics is 20 per cent higher than organisers said when they announced officials figures more than a year ago, according to a report by the Board of Audit of Japan.

The report, which was released this week, said there was a lack of full disclosure and transparency on the part of the government and the organising committee.

The audit put the cost at JPY1.7 trillion (USD12.9 billion). Organisers last year put that figure at JPY1.42 trillion (USD10.7 billion at today’s exchange rate but USD13 billion at the time).

“The government, if its significant involvement is expected, should make a timely disclosure of total spending or an estimation,” the audit report said. “It should set up a system that allows full disclosure to contribute to the people’s understanding about the hosting and execution of the event.”

Last year, organisers used a rate of JPY109 to the dollar to list the official cost, putting JPY1.42 trillion at USD13 billion. At that rate, the new price is USD15.5 billion.

Organisers do not disclose the exchange rate they use for payments denominated in dollars.

The Olympic rings in the Odaiba section in Tokyo. PHOTO: AP

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