TOKYO (AP) — Tokyo Olympic organizers estimate they have found cost-savings of about $280 million by simplifying and cutting some frills from next year’s postponed games.

The report came as the International Olympic Committee executive board met on-line with officials in Japan on Wednesday.

The savings represent about 2% of the official Tokyo Olympic budget of $12.6 billion.

A national audit last year indicated the real costs might be twice as high as the officials numbers. And the University of Oxford published a study last month arguing Tokyo is the most expensive Summer Olympics on record.

The meter is running even as organizers talk about cuts, which are hard to find because spending on large items like expensive venues has already been completed.

Gakuji Ito, the chief financial officer of the Tokyo Olympics, acknowledged the cost-savings figure was only an estimate.

“How we calculated the cost reductions is something that is unprecedented and it is an initiative no one has every experienced,” Ito said, speaking in Japanese. “From an administrative perspective, we struggled hard.”

About 50 proposed cuts were listed on a detailed document from the organizers. Among them were: changes in equipment and re-configuring venues; fewer decorative banners; a 10-15% reduction in “stakeholders” delegation sizes; fewer shuttle buses; reduction in hospitality areas; suspension in production of mascot costumes; and cancellation of official team welcome ceremonies.

No cuts are planned for the number of sports or the number of competitors.

Also largely untouched will be the opening and closing ceremonies, the heavily sponsored 121-day torch relay, and competition areas that will be seen on television broadcasts.

Yoishiro Mori, the organizing committee president and a former Japanese prime minister, talked about the need to cut back on the extras at the games — mostly for the so-called Olympic Family and VIPs.

Japanese stocks edged up Friday as they reopened after being shut down all the previous day by a technical fault, though markets across Asia were mixed in holiday-thinned trade with investors keeping an eye on stimulus talks in Washington.

After September’s sell-off, Wall Street got the new quarter off to a positive start as technology firms appeared to rediscover their mojo, helped by a dip in US jobless claims that provided hope for key non-farm payrolls data later in the day.

However, news that several big-name firms including Walt Disney, American Airlines and United had cut tens of thousands of posts, and that Americans’ personal income had dived, fuelled concerns about the outlook for the consumer-driven US economy.

The bigger-than-feared fall in income came as expectations dwindled that US lawmakers will have time to pass a new stimulus package before the November 3 presidential election.

“The data highlights the imperative of a new fiscal support package if consumption is not to derail the economic recovery in the fourth quarter,” said National Australia Bank strategist Ray Attrill.

“Yet overnight we have no sign of progress towards reconciliation between the Democrats and the White House, even though both sides continue to express optimism on the ability to reach a compromise.”

Democrats pushed their latest $2.2 trillion proposal through the House, where they hold a majority, but without any opposition support, there is no chance it will be agreed by the Republican-dominated Senate.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin held a series of talks Thursday to find a way through the deadlock but when asked whether a chance still remained for an agreement, Pelosi replied: “I don’t know.”

Georgetown University’s governmental affairs institute senior fellow Josh Huder said: “I can’t tell how much of this is genuine effort to pass

TOKYO (Reuters) – The Tokyo Stock Exchange (TSE) resumed normal trading on Friday, with the main index holding steady a day after the worst-ever outage brought the world’s third-largest equity market to a standstill.

A man works at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon

The glitch was the result of a hardware problem at the bourse’s “Arrowhead” trading system, and a subsequent failure to switch to a back-up. It caused the first full-day suspension since the exchange moved to all-electronic trading in 1999.

Market participants expressed some relief that the problem was hardware-related rather than a cyber attack, but cautioned about a potential longer-term impact given the hit to the Tokyo market’s reputation.

“For now, there’s relief that trade was able to resume,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

“The cause has not been clearly indicated yet, so traders are processing orders that couldn’t be done yesterday as they wait and see how the system works, rather than actively trading.”

The outage had come on a day of high anticipated trade volume following the release of the Bank of Japan’s closely watched tankan corporate survey and a rise on Wall Street.

The meltdown also occurred just two weeks into new Prime Minister Yoshihide Suga’s term – during which he has prioritised digitalisation – and undermined Tokyo’s hopes of replacing Hong Kong as an Asian financial hub.

“It’s problematic that this happened after the TSE upgraded its system as recently as 2019,” said Takatoshi Itoshima, strategist at Pictet Asset Management. “IoT (Internet of Things) related shares are meant to be the leader of ‘Suganomics’ trade but this won’t impress foreign investors.”

“TRULY REGRETTABLE”

Officials from the Tokyo Stock Exchange and Japan Exchange

By Stanley White and Pete Schroeder

TOKYO/WASHINGTON, Oct 2 (Reuters)Asian markets were little changed on Friday, as a U.S. stimulus deal remained out of reach and investors waited on fresh U.S. employment data for a read on the economic toll from the coronavirus pandemic.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.11%. Australia’s benchmark S&P/ASX 200 index .AXJO fell 0.86% as a decline in oil and copper prices weighed on the resources sector.

Japan’s Nikkei 225 index .N225 was up 0.19% after the Tokyo Stock Exchange (TSE) resumed normal trading after its worst-ever outage brought the world’s third-largest equity market to a standstill.

U.S. stock futures ESc1 fell 0.23% as an additional economic stimulus package remained elusive despite renewed efforts from Washington negotiators.

After a day of negotiations, House Speaker Nancy Pelosi told reporters she did not expect an imminent agreement with the Trump administration. It remains unclear if policymakers can get something done before the Nov. 3 election.

“The risk is that if disposable incomes continue to fall, the recovery in personal spending will slow or even reverse. The fiscal stimulus stalemate suggests additional government support payments to households are unlikely soon,” said Commonwealth Bank of Australia currency analyst Kim Mundy in a note.

China’s stock and bond markets, foreign exchange and commodity futures markets are closed Oct. 1-8 for the Golden Week holiday. South Korea and Hong Kong markets are also closed on Friday for holidays.

U.S. markets kicked off the fourth quarter by closing higher while the dollar sank, with investors tracking stimulus talk updates throughout the day.

The Dow Jones Industrial Average .DJI rose 0.13% on Thursday. The S&P 500 .SPX gained 0.53% and the Nasdaq Composite .IXIC added 1.42%.

U.S. consumer spending is starting to slow due to

By Pete Schroeder

WASHINGTON, Oct 2 (Reuters)Asian markets were little changed on Friday, as a U.S. stimulus deal remained out of reach and investors waited on fresh U.S. employment data for a read on the economic toll from the coronavirus pandemic.

U.S. markets kicked off the fourth quarter closing higher on Thursday while the dollar sank, as investors tracked stimulus talk updates throughout the day. The September employment report from the Labor Department looms large, following new layoff announcements from the likes of Disney DIS.N and Goldman Sachs GS.N.

Japan’s Nikkei 225 index .N225 was up 0.35% after the Tokyo Stock Exchange (TSE) resumed normal trading after its worst-ever outage brought the world’s third-largest equity market to a standstill.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1%, while Australia’s benchmark S&P/ASX 200 index .AXJO slipped 0.7%.

In the United States, an additional economic stimulus package remained elusive despite renewed efforts from Washington negotiators.

After a day of negotiations, House Speaker Nancy Pelosi told reporters she did not expect an imminent agreement with the Trump administration. It remains unclear if policymakers can get something done before the Nov. 3 election.

New data showed U.S. consumer spending was still up in August, but its momentum was slowing as increased unemployment benefits began to dry up. If policymakers cannot agree on more support, the economic toll could worsen.

“The risk is that if disposable incomes continue to fall, the recovery in personal spending will slow or even reverse. The fiscal stimulus stalemate suggests additional government support payments to households are unlikely soon,” said Commonwealth Bank of Australia currency analyst Kim Mundy in a note.

The Dow Jones Industrial Average .DJI rose 0.13%. The S&P 500 .SPX gained 0.53% and the Nasdaq Composite .IXIC added 1.42%.