JAPAN - The government has begun work on the fiscal promotion of the 2020 Tokyo Olympics and Paralympics at the first meeting of relevant liaison committee among ministries and agencies held at the Prime Minister's Office.
So far, the government has decided on policies of issuing Olympics commemorative coins and creating government-run lotteries to support the Olympics via securing funds to build a stadium and other facilities, as well as utilizing donations.
The government is considering issuing commemorative currency, especially ¥10,000 (S$126,000) gold coins. For the 1998 Nagano Winter Olympics, the government issued ¥10,000 gold coins, ¥5,000 silver coins and ¥500 nickel coins. The Finance Ministry will decide the details later.
Profits from selling Olympic lottery tickets may be used for constructing the new National Stadium and improving infrastructure, including making urban districts barrier-free. Lotteries were issued in the past three Olympics-the 1964 Tokyo Olympics, the 1972 Sapporo Olympics and the Nagano Olympics-and the proceeds were used for improving sports facilities.
During the Nagano Olympics, proceeds of about ¥8 billion were allocated. The allocation this time will be adjusted by prefectural governments and the Internal Affairs and Communications Ministry.
As a pump-priming policy to attract private-sector funds, the government has also considered issuing investment-and-loan bonds. As for donations for constructing the New National Stadium from the private sector, the government plans to adopt a system that enables the private sector to choose either a deduction from income or a tax exemption through the fiscal 2014 tax system reform.
The liaison committee was set up to promote concrete efforts under the ministerial meeting for the Tokyo Olympics.