Yomiuri Shimbun reports the Japanese government has decided to offer full financial assurance to Tokyo’s bid for the 2016 Summer Olympic Games. If the decision is made official, it reportedly would mark the first time the Japanese government has promised to cover the full cost of hosting the 2016 Summer Games.
A source close to the government said the nation’s commitment to hosting the Olympics is stipulated in the financial assurance document to be submitted to the International Olympic Committee (IOC), reports Yomiuri Shimbun. The document will state – “The Japanese government, in accordance with domestic laws, will cover any deficit that results if the Tokyo Olympics organizing committee goes into budget deficit”.
The financial assurance statement will likely be included in the candidacy filing, which the metropolitan government is to submit to the IOC by February 12.