Tokyo is bidding for the 2016 Olympic.

They are up competing with Chicago (USA), Madrid (Spain) and Rio de Janeiro (Brazil) for the coveted honour of hosting the Games.

The city of Tokyo had a boost in their bid, as the city has allocated an extra $1.1 billion in the 2009 budget, for their Olympic pursit.

Tokyo’s contingency fund for the Games is now up a total of $4.4 billion.

Tokyo has previously hosted the 1964 Olympic Games and is the favorite for now at the evaluation stages.

A new stadium of 100,000 seater is in the plans, and the new five storey Olympic Village will represent the five Olympic rings.

If Tokyo do win the bid, the Games will be held from July 29th to August 14th, with the Paralympics to be be held August 31st to September 11th.