TOKYO: Japan’s corporate giants are ready to chip in for another Summer Olympics in Tokyo in hopes the Games will provide the same economic boost as the 1964 edition, Toyota’s chairman said yesterday.
Despite years of deflation that has forced big Japanese companies to reduce sports sponsorships including the ending of Panasonic’s deal with golf star Ryo Ishikawa, Fujio Cho said Japan Inc. would bring plenty to the table.
“If Tokyo gets the 2020 Olympics, I believe businesses will become sponsors and support them,” the Toyota chairman said after meeting a team from the International Olympic Committee who are evaluating Tokyo’s bid.
“The Japanese economy soared very quickly after 1964,” Cho, 76, told reporters.
“I don’t think it will do quite the same again but I have no doubt it will provide a boost,” said Cho, citing the spin-off demand for new products and the fillip to tourism. He added that many companies have a record of involvement in sport. REUTERS
