IOC says Tokyo's preparation 'outstanding', costs need watching

John Coates, International Olympic Committee (IOC) Vice President and Chairman of the Coordination Commission for the Games of the XXXII Olympiad - Tokyo 2020 attends a news conference in Tokyo July 1, 2015. REUTERS/Thomas Peter

TOKYO (Reuters) - The cost of venues for the Tokyo 2020 Summer Olympics will have to be carefully watched and managed despite previous cuts, but otherwise the Japanese capital's preparations are "outstanding," IOC Vice President John Coates said on Wednesday.

Japan said on Monday that the new National Stadium, the centrepiece for Tokyo's second hosting of the Summer Games, will cost more than $2 billion, nearly twice the original estimate, and be completed in May 2019, two months later than expected.