Toyota head steps down from Tokyo Olympics committee

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TOKYO: Toyota’s president has stepped down from the Tokyo 2020 Olympics organising committee, amid reports that costs for the event have ballooned to about six times original estimates. Akio Toyoda said late Monday that he would quit as vice president of the main organizing group, opting instead to support the games as head of the Keidanren’s Olympic lobbying group. The Keidanren is Japan’s biggest business federation. Toyota, the world’s biggest automaker, signed a nearly $1.0 billion global Olympic sponsorship deal this year.

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