TOKYO — The latest price tag for the 2020 Tokyo Olympics has been trimmed slightly, but is still nearly twice the initial estimate even after a major cost-cutting effort.
The organizers said Friday that the event will cost a total 1.35 trillion yen ($11.9 billion).
In their release, Tokyo 2020 officials said the U.S. dollar cost would be $12.6 billion. But at the current exchange rate of about 113 yen to the dollar it is just under $12 billion.
When Tokyo won the Olympics in September 2013, its bid was for 730 billion yen. That ballooned to over 3 trillion yen but was slashed to 1.4 trillion yen.
Organizers have managed to cut still more from the estimated cost by moving some events outside of Tokyo and using existing and temporary facilities.