The head of Toyota Motor Corp. stepped down Monday as vice-president of the organizing committee for the 2020 Tokyo Olympics as organizers acknowledged the cost of hosting the games will be far higher than originally thought.<br />The committee said that Akio Toyoda is expected to be replaced by the president of Panasonic, Kazuhiro Tsuga.<br />Organizers said Toyoda may have been concerned about serving on both committees, as the Olympic body is seeking support from the business community.<br />Toyota Motor is a major sponsor of the Olympics.<br />“Mr. Toyoda might have tried to sort out his roles,” Tokyo organizing committee CEO Toshiro Muto told reporters.<br />Also Monday, Muto said the cost of the games will be much higher than the original estimate of just over 300 billion yen ($3.4 billion), though he did not give a specific figure.
