Olympics: Gov't Approves 149 Bil. Yen Contract For New Nat'l Stadium

Olympics: Gov't approves 149 bil. yen contract for new Nat'l StadiumThe Japanese government approved Friday a proposed contract with a joint venture to build Tokyo's new National Stadium, the main venue for the 2020 Olympics and Paralympics in the capital, at a construction cost of 149 billion yen ($1.47 billion).

The stadium construction project is integral to the success of the Games, Olympic minister Tamayo Marukawa told reporters after chairing a ministerial meeting where the deal was approved.

According to Marukawa, Kazumi Ohigashi, president of the stadium's operator Japan Sports Council, presented to the meeting the results of negotiations between JSC and the joint venture led by construction giant Taisei Corp.