Organisers of the Tokyo 2020 Olympics have set a budget of $15.34b but want to make savings.
The first official budget released on Wednesday is below a cap of $17.07b, but remains about six times more than the original estimate.
However, Tokyo governor Yuriko Koike said: “I appreciate we have reached a very significant milestone.”
At its current budget, Tokyo would be the most expensive Summer Games, surpassing the $10.76b for London 2012.
But it would still be considerably less than the 2014 Winter Olympics in Sochi, Russia, which was estimated to have cost $38.35b.
The Tokyo organising panel will hope to make savings by using existing venues for swimming, volleyball and rowing, rather than building new ones.
“The feeling we have is there are savings to be found there,” said International Olympic Committee vice president John Coates.