Hidetoshi Maki, the deputy director of the Tokyo 2016 bid team, said the money has been set aside by the Government for construction of sports facilities, roads and other infrastructure costs.

 

He hopes that Tokyo's strong financial position will help them counter the potential effects of United States new President Barack Obama supporting Chicago's bid.

 

Maki said: "The money has been secured.

 

"It is in the bank.

 

"We have the money already."

 

In addition, he said, the Government has fully guaranteed the games' proposed operating budget of $3.1 billion (£2.1 billion), which would be raised through television rights, ticket sales and merchandising.

 

Maki said: "The economy is in good shape.

 

"The total budget is financially stable.

 

"We don't think our bid is highly damaged by the economic crisis.

 

"We don't have huge concerns even though we know that this isn't a good time globally."

 

Obama is expected to turn-up at the International Olympic Commitee (IOC) Session in Copenhagen on October 2 to lobby for Chicago.

 

Japanese Prime Minister Taro Aso, who competed in shooting at the 1976 Montreal Olympics, is also expected to go to Copenhagen for the decision when Madrid and Rio de Janeiro are also bidding.

 

Maki said: "The Olympic Games is not achieved by only one person.

 

"The most important things are the venue, the city and the people. We will work hard to explain that fact."