POSTED: July 25th 2013

Toyota's Cho says Tokyo real estate will benefit greatly from hosting 2020 Games

Toyota Honorary Chairman Fujio Cho giving a press briefing during the IOC Evaluation Commission visit  / SFC
Toyota Honorary Chairman Fujio Cho giving a press briefing during the IOC Evaluation Commission visit / SFC

CHAD WISE / Sports Features Communications

(SFC) Toyota Motor Honorary Chairman Fujio Cho expects Tokyo’s real estate markets to boom and Tokyo Bay to be revitalized if the Japanese capital is awarded the 2020 Olympic and Paralympic Summer Games.

“It’s certain that real estate markets will be quite active,” Cho told members of the American Chamber of Commerce in Japan. “Without doubt, the Tokyo Bay area will be redeveloped on a large scale.

“In terms of road-building, there are many places where ring roads are not complete just because of small sections that have not yet been constructed. If the Olympics are to be hosted here, I think there will be a big boost in morale among Japanese people, which will enable the construction and completion of such projects.”

Despite construction projects in many large Asian cities, Tokyo is not among them, with the past two decades bringing trouble to the Japanese economy. To host the Games, the Japanese government would give a boost with public spending for the necessary infrastructure.

“I hope the younger generation can feel the prosperous future I had experienced in 1964,” Cho said, citing the Tokyo 1964 Games. “I hope the Olympics can come here, and together with ‘Abenomics,’ the salaries of young people will rise.”

Toyota is one of many Japanese corporations supporting Tokyo’s bid to host the Olympic Games, for which the Japanese capital is bidding against Madrid and Istanbul. Tokyo is the only Candidate City to have hosted the Games previously.

“Many Japanese companies deeply understand the importance of sports,” Cho said. “If it is decided that the 2020 Games will be held in Japan, many companies would actively pursue sponsorship, leading not only to the success of those Games but also to tremendous promotion of sports in Japan and the entire world.”

Not only do Japanese companies own and sponsor teams like their Americans and European counterparts, they also hire athletes as employees, with most staying on long after their careers have ended.

“Corporate Japan’s long, active involvement in sports was thoroughly explained to and understood by the IOC Evaluation Commission that visited in March,” Cho said. “And I was quite happy to learn that this involvement was highly evaluated in an IOC report issued in June.”

The International Olympic Committee Evaluation Commission has visited each of the three Candidate Cities in the past few months and held a Candidate Cities Briefing in Lausanne. The International Olympic Committee will choose the Host City of the 2020 Olympic and Paralympic Summer Games at the 125th IOC Session in Buenos Aires 7 September.

Keywords · Olympics · Toyota · Tokyo · Japan · Abenomics · Madrid · Tokyo · International Olympic Committee · IOC ·

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