Abenomics gives Tokyo 2020 reason to be hopeful
CHAD WISE / Sports Features Communications
(SFC) Japanese Prime Minister Shinzo Abe’s “Abenomics” economics policy has resulted in a 3.5% rise in the gross domestic product of the Land of the Rising Sun, Bloomberg reports.
Though Chinese economy has slowed in the first quarter, Japan’s growth has exceeded 34 of 36 estimates in a Bloomberg News survey. Private consumption has contributed 2.3 percentage points and the Bank of Japan plans to double its monetary base. The yen has weakened 16% against the dollar and 14% against the euro.
“Tokyo is a key business hub in Asia where numerous global companies in a range of industries have their headquarters,” Tokyo Governor Naoki Inose said. “I am pleased to see our economy gaining further momentum, and backed by a massive $4.5 billion Games hosting fund, Tokyo 2020’s impressive financial base provides rock-solid foundation for hosting an amazing 2020 Olympic and Paralympic Games. Put simply, we are ready to deliver.”
Department store spending and consumer confidence climbed in the first quarter of the year, and a weaker yen and extra stores should result in a record profit boost.
The news of Japan’s economic success comes just months before the International Olympic Committee’s decision as to who will host the 2020 Olympic and Paralympic Summer Games. Tokyo is bidding against Madrid and Istanbul, another city with a booming economy, and will find out who will be awarded hosting rights at the 125th IOC Session in Buenos Aires this September.
“Japan’s rising GDP clearly supports the Bid’s ability to deliver a dynamic and spectacular celebration for the 2020 Olympic and Paralympic Games,” Tokyo 2020 Chief Executive Officer Masato Mizuno said. “With our financial strength firmly in place, we can focus on delivering superb Games that promote Olympic values for new generations in this challenging and fast-changing era for sport.”
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