On Tuesday, Japan’s Ministry of Internal Affairs and Communications released new economic indicators that showed consumer confidence is growing as household spending skyrocketed by 5.2 percent, the best year-over-year increase since 2004.
These results indicate that “Abenomics”, a set of of fiscal and monetary reforms introduced by Prime Minister Shinzo Abe, is pushing his nation’s stagnant economy back into a period of growth.
Tokyo 2020 CEO Masato Mizuno welcomed the news.
“The initial success of Prime Minister Abe’s economic reforms is another significant boost for Tokyo 2020,” he said of his city’s bid to host the Olympic Games.
“Considering this positive economic progress alongside the fact that Tokyo enjoys the largest GDP of any city in the world and our established $4.5 billion cash Games fund in the bank, we know our Bid is based on rock-solid foundations and that we can guarantee to deliver.
“With this in place, we can focus upon delivering a superb Games that help promote the Olympic Values for new generations in this challenging and fast-changing era for sport.”
Tokyo’s competitors both offer different economic challenges and opportunities for the International Olympic Committee (IOC) when they choose their host at a session in September.
Istanbul’s bid portrays Turkey as a recently emerged nation in a period of rapid economic expansion and ripe with opportunity. Madrid, amid the austerity measures of Spain’s economic crisis, claim the Games can be delivered efficiently and effectively on a tight budget using existing infrastructure – and the opportunity to host will help propel Spain out of its recession.
With what seems to be out-of-control spending in Sochi ahead of the 2014 Olympic Winter Games, and delays leading up to Rio 2016 – the IOC may weigh heavily on economic security this time around.