The weekly magazines' and tabloids' reaction to the selection of Tokyo to host the 2020 Olympics reminds one of an oft-quoted remark by Oscar Wilde that goes, "In this world there are only two tragedies. One is not getting what one wants, and the other is getting it."
The hosting of the 2020 Games is being harped by some as the "fourth arrow" in Prime Minister Shinzo Abe's strategy for reviving the economy — the previous three arrows being bold monetary policies, flexible fiscal policies and economic growth strategies to encourage private investment.
Eiji Kinouchi, a senior strategist at Daiwa Securities, tells Aera (Sept. 23) that the gorin tokuju (special demand created by the Olympics), including revenues from inbound tourism, are projected to result in an economic windfall of ¥150 trillion. This has already spawned the new term "Gorinnomics," a composite of "gorin" (five rings, the Sino-Japanese kanji for Olympics) and "economics."
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