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The economics of the Olympics
  + stars: | 2024-07-26 | by ( Alicia Wallace | Alex | Leeds Matthews | ) edition.cnn.com   time to read: +12 min
“This will be the first Olympics, since Sydney, where the total costs are coming in under $10 billion,” said Victor Matheson, a College of the Holy Cross professor of economics who has researched the financial costs of the Olympics. Workmen adjust banners on the 3x3 basketball venue located at La Concorde, in Paris, ahead of the 2024 Olympic Games. Additionally, the Paris Olympic Village will be converted into offices and housing in a historically impoverished neighborhood. Still, economists say, it may take more drastic moves in the future for the Olympics to be truly sustainable and economically sound. “I love the Olympics, and I love sporting events, but I just really do not think that the way the Olympics works now is a viable business model,” Phalin said.
Persons: , Victor Matheson, , “ It’s, David Gray, Andrew Zimbalist, ” Zimbalist, Michael Kappeler, it’ll, Fabrice Coffrini, Zimbalist, , Amanda Phalin, Christian Petersen, I’m, ” Phalin, you’ve, it’s, Andrew Medichini, shuttlecocks, Matheson, Phalin Organizations: CNN, Olympic, Paralympic Games, Paris Games, of, IOC, La Concorde, Getty, Mexico City Games, Montreal Games, Smith College, Olympics, Oxford University, Audit Board, Tokyo, Eiffel, Paris, University of Florida’s Warrington College of Business, Games, of Investment, Development Authority, French, ” Workers, Palais, AP Paris Locations: Paris, Sydney, La, AFP, Mexico, Munich, ” Los Angeles, Tehran, Beijing, Sochi, France, , Lake Placid , New York, Lake Placid, , Los Angeles, Oklahoma
Japan’s Olympic gymnastics team will head into the Paris Games this week without its captain, Shoko Miyata, after she withdrew from the team following an investigation that found she had violated the squad’s code of conduct by smoking and drinking alcohol. In a news conference last week, officials with the Japan Gymnastics Association, which conducted the investigation, announced Ms. Miyata’s withdrawal from the Olympics, saying that “both parties discussed the matter” and that Ms. Miyata had decided not to compete. The Japan Gymnastics Association’s code of conduct forbids drinking or smoking while in official team programs, regardless of age. The legal age for drinking and smoking in Japan is 20; Ms. Miyata is 19. Ms. Miyata allegedly violated the code of conduct on two occasions; once in a private residence in Tokyo, and again in a classroom of the Athlete’s Village of Japan’s National Training Center, according to gymnastics officials.
Persons: Shoko Miyata, , Miyata Organizations: Paris Games, Japan Gymnastics Association, Japan, National Training Center Locations: Japan, Tokyo, Athlete’s
CNN —Cases of a dangerous and highly fatal bacterial infection have reached record levels in Japan, official figures show, with experts so far unable to pinpoint the reason for the rise. STSS is a rare but serious bacterial infection that can develop when bacteria spread into deep tissues and the bloodstream. In March, Japanese authorities warned of a jump in STSS cases. The reason for this year’s rise in cases of STSS in Japan remains unclear, according to Japanese public broadcaster NHK. “So, more people are now susceptible to infection, and that may be one reason for the sharp rise in cases.”
Persons: iGAS “, Ken Kikuchi, people’s, ” Kikuchi Organizations: CNN, Japan’s Health, Japan’s National, of Infectious, US Centers for Disease Control, Prevention, CDC, World Health, of Infectious Diseases, NHK, Tokyo Women’s Medical University Locations: Japan, STSS, Tokyo
Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.
Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, , we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, , Sato Hitomi, Semans, I’ve, , Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii
Taro Akebono, a Hawaii-born sumo wrestler who became the sport’s first foreign grand champion and helped to fuel a resurgence in the sport’s popularity in the 1990s, has died in Tokyo. When he became Japan’s 64th yokozuna, or grand champion sumo wrestler, in 1993, he was the first foreign-born wrestler to achieve the sport’s highest title in its 300-year modern history. He went on to win a total of 11 grand championships, and his success set the stage for an era during which foreign-born wrestlers dominated the top levels of Japan’s national sport. Akebono, who was 6-foot-8 and 466 pounds when he was first named yokozuna at 23, towered over his Japanese opponents. Painfully shy outside the dohyo, as the sumo ring is known, he was known for using his height and reach to keep opponents at a distance.
Persons: Taro Akebono Organizations: United States Locations: Hawaii, Tokyo, Japan
Asian productions or nominees with a predominantly Asian cast have been making headway at the Academy Awards in recent years. South Korean thriller “Parasite” made history in 2020 as the first non-English language movie to win best picture, alongside three further awards. "The Boy and the Heron" producer Toshio Suzuki speaks at a news conference in Los Angeles on March 11, 2024. Patrick T. Fallon/AFP/Getty ImagesFor others, the award offered Japan a boost after a rough start to the year. Kelts, the Japan-based author, said the second Oscar win showed the Academy had recognized Miyazaki’s artistic genius and that Japanese animation is far from solely entertainment.
Persons: CNN —, Hayao Miyazaki, , Huy Quan, Malaysia’s Michelle Yeoh, Heron ”, Ghibli’s, , Roland Kelts, Miyazaki, Richard Harbaugh, Toshio Suzuki, , ’ Suzuki, Suzuki, ” Suzuki, Richard A, Brooks, Tatsuji Nojima, “ Oscar, Takashi Yamazaki, Fumio Kishida, Yamazaki, ” Kishida, Hideaki Omura, Godzilla’s, Chris Hemsworth, Anya Taylor, Joy, Patrick T, Fallon, Kelts Organizations: CNN, Academy, Sony Pictures, Culture, Oscar Academy, Ghibli, Japan’s, NHK, Getty, Japan, Sunday, Gov, Hollywood, American, Waseda University Locations: Japan, America, Vietnam, ” Tokyo, Hollywood, Los Angeles, AFP, Aichi prefecture, Miyazaki, Japanese, Ishikawa, Tokyo
The two sides issued a joint communique, stating Japan's long-term support in helping Ukraine achieve economic stability. Japan hopes the conference will build momentum for international support for Ukraine as the war drags on and attention has diverted to the Gaza situation. The conference is largely about reconstruction and investment in Ukraine, but it’s also about Japan’s national security. Its support for Ukraine comes amid fear of China’s increasingly assertive military actions in the region. Japan, in cooperation with other Group of Seven members, hopes to link the Tokyo conference to a separate Ukraine reconstruction conference to be held in Germany in June.
Persons: Fumio Kishida, Kishida, ” Kishida, , Denys Shmyhal, , it’s, Yoko Kamikawa Organizations: TOKYO, , Ukraine, of, Japan External Trade Organization, Russia, , Seven Locations: Japan, Ukrainian, Ukraine, “ Ukraine, Gaza, East Asia, States, Tokyo, Germany
“(He) played in five of the six preseason games and only missed the game in Hong Kong, China! Don’t come to China, China doesn’t welcome you,” another user wrote in a post liked by 20,000 others. “Why didn’t Messi play in Hong Kong or participate in the handshake with HK (the Hong Kong) chief executive? Messi's no-show sparks an outcry in Hong Kong on February 4, 2024. One social media user noted that it was not only Messi who played in Tokyo, but not Hong Kong.
Persons: Lionel Messi, Messi didn’t, Messi, “ Messi, Hong Kong, Kenneth Fok, Hu Xijin, didn’t Messi, ” Hu, , Louise Delmotte, “ Don’t, Hong, David Beckham, Beckham, Gerardo “ Tata ” Martino, Luis Suárez couldn’t, Philip Fong, , nimbly, Regina Ip, ” “ Messi, Kenneth Chan, Taylor Swift, Organizations: Hong Kong CNN, Sunday, Major League Soccer, Inter Miami, Vissel, Hong, CNN, Weibo, HK, Global Times, Inter, National Basketball Association, Houston Rockets, Soccer, Ardent, Messi, Argentina national, Australia, Inter Miami's, Getty, The Inter Miami, Hong Kong Baptist University Locations: China, Hong Kong, Argentine, Japan, Vissel Kobe, Tokyo, Beijing, State, China’s Sichuan, Argentina, AFP, Asia
Last month the International Council on Monuments and Sites (ICOMOS), a UNESCO advisory body, issued a “heritage alert” for Jingu Gaien. Nishikawa believes that the commercial nature of the redevelopment “breaks the promise” of keeping the Jingu Gaien as a public space. Protesters gather for a demonstration at Meiji Jingu Gaien on September 15, 2023. Work commenced at the Meiji Jingu Gaien site in March. “They need to go back to the drawing board and use a much more democratic process to decide the future of Jingu Gaien.”
Persons: Hiroshi Ono, Meiji Jingu Gaien, , Emperor Meiji, Emperor Naruhito, Babe Ruth, Daniel Campisi, Jingu Gaien, Naoko Nishikawa, Nishikawa, Shinji Isoya, Gaien, CNN Shinji, Mitsui Fudosan, Hajime Funada, Meiji Jingu, Kiyotatsu Yamamoto, Rochelle Kopp, Jingu, Mikiko Ishikawa, Ishikawa, Kopp, ” Daniel Campisi, CNN Yamamoto, ” Kopp Organizations: Japan CNN, Tokyo, CNN, Chichibunomiya Rugby, Tokyo Metropolitan Government, Council, UNESCO, CNN Tokyo, Mitsui Fudosan, Japan’s, Protesters, Meiji, Liberal Democratic Party, University of Tokyo, Japan National, Co, World Cities Culture Forum, Properties, Locations: Tokyo, Japan, Meiji, Tokyo’s, Shinjuku, Minato, , New, New York, London
Public prosecutors in Japan have not released information regarding the case and did not respond to CNN’s request for comment. Rina Gonoi, a former member of Japan's Ground Self-Defense Force, checks old photos on her phone. “That makes it hard for people to speak out.”Rina Gonoi says she endured physical and verbal sexual abuse while she served in Japan's Self-Defense Forces. In 1992, Japan’s National Defense Academy finally began accepting women, which made it possible for them to become senior officers. “We are aware that the perpetrators of sexual harassment cases are scheduled to be punished severely.
Persons: Tokyo CNN — Rina Gonoi, Gonoi, , , Rina Gonoi Gonoi’s, Staff Yoshihide Yoshida, dishonorably, Rina Gonoi, Philip Fong, Japan’s, Fumika Sato, ” Sato, Sato, ” Rina Gonoi, Rina, Shinzo Abe, Richard A, Brooks, , ” Gonoi, Gonoi’s, I’d, Yasukazu Hamada, Fumio Kishida, hasn’t, you’ve, “ I’m Organizations: Tokyo CNN, Defense Force, Japan’s Ministry of Defense, Staff, Defense Forces, NHK, Public, Getty, Hitotsubashi University, Defense Ministry, CNN, National Press Club, Japan’s National Defense Academy, Defense, Japan’s, Self - Defense Force, Ministry of Defense, , , SDF Locations: Japan’s, Japan, AFP, Japan's, North Korea, China, Tokyo, Higashi, Miyagi, Fukushima
CNN —Japanese football club Tegevajaro Miyazaki has announced the death of striker Masato Kudo at age 32, the Japan Times reports. “From his achievements in the J1 to being selected for the Samurai Blue, Kudo was an incredibly accomplished player. But in spite of that he was never arrogant and cherished his teammates, the club and our supporters. The Japanese Professional Football League confirmed his passing on Twitter:“Along with the entire Japanese football community, we mourn the passing of Masato Kudo and wish to express our most heartfelt condolences to his family and friends,” the statement read. “Football Australia is deeply saddened to hear of the passing of Japanese forward Masato Kudo,” Football Australia, the sport’s governing body in Australia, also tweeted.
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