3 Dec 2011

Tokyo slashes budget for Olympic bid

2:01 pm on 3 December 2011

Tokyo will halve the cost of the city's bid to host the 2020 Olympics after criticism of the $US150 million spent on its failed attempt to secure the 2016 Games.

Bid committee CEO Masato Mizuno says Tokyo planned to slash spending and still launch a vastly improved challenge for 2020.

Tokyo, which hosted Asia's first Olympics in 1964, lost out to Rio de Janeiro in the race for the 2016 Games, with low public support amid a deepening recession largely blamed for the failure.

The devastating earthquake and tsunami in March which triggered a nuclear meltdown at a power plant north of the city plunged Tokyo's plans for a fresh bid for 2020 into chaos.

Plans to build a gleaming, flying saucer-shaped Olympic stadium on Tokyo Bay, outlined in the city's 2016 bid, could be scrapped, however.