Oil production to boost prices. And blue water magic. Nature lovers around japan are trading ocean views for a breathtaking spot inland. Worried about the budget, tokyos governor ordered a panel to look at cost estimates for the 2020 olympics and paralympics. It crunched the numbers and says plans for the games need a major overhaul. Now governor yuriko koike is looking at what could be cut. Reporter you could say tokyos new governor is experiencing some olympicsized sticker shock. Translator the project proceeded without anyone knowing why the budget swelled up to 20 billion or 30 billion. Reporter yuriko koikes numbers were from a tokyo government panels estimates. The results of which were released on thursday. The panel says the total cost for the Tokyo Olympics could be more than four times the original estimate. To get to the bottom of the surging cost, koike had set up an Investigation Team to look at the books for the 2020 games. Controversy around the games is nothing new. The original design for the main stadium was scrapped for being too costly. So a new, cheaper design was chosen. In the cross hairs this time, three proposed waterfront venues that are well over budget. Ariake arena is the planned volleyball venue. Costs have doubled to 400 million. For swimming the budget to finish the Olympic Aquatics Centre has also doubled to 678 million. For rowing and canoeing, costs for the sea forest waterway have risen a staggering seven fold to 488 million. Whats more, the waterway was getting failing grades from athletes. Translator rowing boats are very narrow which makes them vulnerable to waves. The boats are designed to race on still surfaces only. Reporter the venues were chosen because they are near the heart of tokyo. The metropolitan government planned what they call a compact olympics. But because of the cost, Panel Members are recommending cheaper alternatives. They say the prospects for using these venues after the games havent even been studied properly. Making venue changes isnt something tokyo can just go ahead and do. It first needs approval from the International Olympic committee and International Sports organizations. But for koike, the changes may be necessary. Translator we cannot leave a negative legacy for people in tokyo. Reporter koike says she wants the review to be finished as soon as possible. There are less than four years before the games, so theres only a limited amount of time to get everything ready for the olympics. Ayako sasa, nhk world, tokyo. Meanwhile the president of the organizing committee for the games attended a closed door meeting by governor koike. Translator the executive board of the ioc decided on the venues after a rigorous screening process. I told the attendees it would be extremely difficult to overturn these decisions at the request of japan. Mori also said it is just a proposal waiting for the governor of tokyo to consider. He added he will comment on it after hearing the governors decision on the matter. Countries around the world have been formally backing the paris climate agreement. Now japans Prime Minister shinzo abe has told upper house lawmakers his government wants to follow suit as soon as possible. Translator the japanese government will try as much as possible to cure global issues. We view it as highly important. Abe says the government plans to submit a bill in the current diet session. That session runs until the end of november. The Paris Agreement is a global framework to curb Greenhouse Gas emissions after 2020. It was adopted last december. Itll take effect when at least 50 countries ratify it and their emissions are 55 or more of global output. Japan accounts for 3. 8 . The leaders of the carbon emitters china and the u. S. Backed it earlier this month. His country the is the fourth larger emitter. Delegates from Oil Producing nations have reached a deal. Lets go to gene otani from our Business Team for that story and all the other headlines. Members of opec the Worlds Largest petroleum cartel have agreed to limit their daily output of oil. Its the First Time Since 2008 theyve agreed to such a deal. Demand for oil has been shrinking due to the Global Economic slowdown. Thats been causing prices to fall and in turn dragging on the world economy. Opec memembers got together in algeria. They decideded to limit output between 32. 5 to 33 Million Barrels a daday. It is to bee decided in novovem at t the next forormal opec mee. Recent efforts to reach an agreement have not been successful. Officials from saudi arabia, russia, and or Big Oil Producers met to discuss a possible freeze in production levels. But they went home without a deal. And in june saudi arabia and iran couldnt narrow their differences on a collective output quota. Iran has been opposing a production cap. Its eager to boost output now that western powers have lifted economic sanctions. And for more on the opec deal, we have nagata in the studio. Thanks for coming in today. Thank you very much. This deal took a long time to mend. How did they come to an agreement this round . I think firstly saudi arabia definitely needed agreement this time. They had the proposal two days before and to get a consensus. So that and also the secondly, iran and arabia and nigeria was to increase the production level. And saudi arabia allowed them to produce more. Okay. Saudi arabia obviously one of the biggest Oil Producing countries took the lead on this. Are they getting desperate . Yeah. They have a huge budget bdefici in the country. And they cut the salaries of minister this month by 20 . So budget deficit amount of deficit. 98 billion. Thats a huge sum. Okay. All right. Now, iran has been far long time the basically their embargo has been lifted from western countries. They want to produce more. How did the saudis come to agreement with iran . Iran is currently producing 3. 6 Million Barrels per day. And they wanant to go up to 4 Million Barrels a day. Saudi arabia is they can afford to cut their production. So they allowed iran to increase more. This time the collection quota is very flexible so that iran can increase the production level. And saudis meanwhile, saudi arabia can meanwhile lower their production level. So theyre balancing out the total production within the members. Now, prices. Where are they going to goo fro here . Yeah. I think the effect will be short time. I think the market is too much production and supply more than demand. Stock label is very high. So that it will push down the crude oil price. How is shale oil having an effect right now. Shale oil producer are having difficulty increasing their production level. But in the United States has been gradually increasing. So if the price goes up, shale Oil Producers will produce more. That will effect the market. Now, whats the level that shale Oil Producers a lot of them went out of business, by the way. Thats the Oil Price Level that the shale oils can stay in business . It depends on the shale oil producer. Different by country. By company. But i believe that maybe 30 in the bottom and up to 60 the highest level. So they can stay in business at this time at the current levels. Yeah. V very briefly, the future o opec, how much power is it going to have . Yeah currently they have lost their power due to the shale Oil Producers. They have a huge capacity so its difficult for them to regain their power. But this time its a change that saudi arabia might come back as producer and they might cut their production level and they can adjust the market. The unexpected deal surprised global markets. Marked Wti Crude Oil futures gained 6 to reach the 47 level. That boosted the markets appetite causing a surge in tokyo shares. John ladue has details from the tokyo stock exchange. I investors were pleasantly surprised about that opec oil deal. The gains in crude futures boosted and the. Weaker yen helped exporters. Lets see how the levels turned out this september 29th. Closing at 16,693 and the broader topix also rose 0. 9 . And we saw more Risk Appetite in the currency market as well. The dollar sharply rose against the yen. As many investors sold safer assets like japans currency. Now, oilrelated stocks surged. Japan Petroleum Exploration gained 8. 8 . Inpex rose 5. 7 . A major exporter also saw significant gains on the weaker yen. Panasonic rose nearly 3 . But Higher Oil Prices are not good news for everyone. Shares of Major Airline companies took a hit as the rising cost of fuel is believed to be squeezing profits both Japan Airlines and ana holdings ended lowewer. Including the Consumer Price index and Industrial Production data both for last month. John ladue reporting from the tokyo stock exchange. Upward momentum spilled over across the asia pacific region. Hong kongs hang seng index was up by 0. 5 . Singapore also up. In sydney advancing 1. 09 . 5,471 at the closing. Highest level in a month. The Australian Dollar also saw gains. Moving onto china, the shanghai composite gained a fraction to end shy of the 3,000 mark. Ahead of a week long holiday next week. It seems nearly every week scientists announce a new development in the quest to create fully humanoid robots. Japanese University Researchers are the latest to take a step towards that goal. Theyve built a robotic arm that can mimic the Subtle Movement of human hands. Takahiro nozaki oversaw the effort. His team used Precision Technology to build ann arm tha can pick up a potato chip with Three Fingers without breaking it. In the past they needed to make precise movements. But all they hahave to do iss ge its new arm through a particular motion one time. The arm learns that movement and can then rerecreate it. The team says its innovation could be useful in a wide range of situations including Assembly Lines and elderly care. It wants to commercialize the Technology Next year. The worlds biggest music subscription business has finally launched in japan. Spotify becomes the latest onlinene service to enter. The swedish firm offers more e than 40 0 million titles for a fixed monthly fee of about 10. It also offers free streaming with ads. Spotify launched in 2008 and had rapipid growth. U. S. Firms applele musicic and amazon as well as japans awa and line a already offer Music Streaming Services in japan. Japans first domestically produced passenger plane in nearly half a century has finally made it to the u. S. For test flights. The trip was delayed by a month due to technical glitches. The mitsubishi regional jet landed in the state of washington after stopping to refuel in russia and alaska. Fired Water Cannons and appla applauded as the crew made their way to the tarmac. Engineers will carry out more than 2500 hours of tests which are required to obtain safety certificates. The firm aims to deliver the jets to airlines in 2018. Heres a look at some of the other business stories were following. Japan is looking at easing regulations for tour guides to tackle a shortfall in qualified people. Under the Current System guides who want to charge foreigners for their services need to file a certificate. They want to allow people without the certificate to charge but only if there are no certified guides available. It would also look at training people who dont have the qualification. Three major japanese firms are working on a deal that would merge their struggling nuclear fuel units. Hitachi and toshiba are discussing a tieup with mitsubishi heavy industries. The firms hope to reach a basic agreement by the end of the year. The divisions have been struggling due to the effects of the 2011 earthquake and tsunami. And you can catch our report again online together with a full transcript. Look for nhk world and business wrap. Thats a look at business news. Im going to leave you with the markets. U. S. Lawmakers are pushing through a bill to allow the families of 9 11 terror victims to sue saudi arabia. They voted overwhelmingly to override a veto from president barack obama. Its the firirst time members i the house and senate have overruled one of obamas decisions. He said the legislation could alienate u. S. Allies and expose American Companies and troops to lawsuits. Most of the 9 11 plane hijackers were saudis. Their government has denied any involvement. It opposes the bill and has threatened to sell off u. S. Bonds worth 750 billion if it becomes law. 27 people are missing in eastern china after a powerful storm caused a massive landslide. Typhoon megi hit fujian. There was torrential rain and powerful gusts. Chinas Central Television reports that a lanandslide in t Eastern Province of zhejiang engulfed over 27 homes. They are calling for residents to evacuate. 400 rescuers worked overnight amid fears of another mudslide. A collapse left one person dead. Homes and roads were inundated in many parts of the province. Tourists looking for Pristine Waters in japan often head south to the beach resorts of places like okinawa. But south isnt the only option. The Northern Island of hokkaido has a natural gem of its own. Nhk world reports. Reporter lake shikosu is a lake formed by a volcano. The lakes greatest charm is its perfectly clear water. Scientists have named this the highest quality water in japan for eight consecutive years. No feeds into the lake. Which is why it contains so few impurities. It is spring water and water from melted snow. Takafumi itaea runs a dive shop. He used to work in okinawa so he knows about Crystal Clear water. He says this lake is exceptional. Translator its different from the ocean and its deep blue. Completetely blue. Theres no other underwater scenery like it. Reporter summer is the best time to visit. The warmer months set the stage far stunning contrast in colors. Aquatic plants appear just below the surface. Their Emerald Green foliage sways gently in the blue water. Translator whats that . Its green. Translator this is so nice. Reporter the urge to slip below the waterline is hard to resist. Especially for divers. But they dont have to go deep. More than ten varieties of water plants make their home in the shallows. These plants create habitats for other forms of life. Some of them dart about in playful schools. Others are more timid, like the tiny flower. This is an endangered species. It grows only in hokkaido and only in the summertime. Translator the plants are really beautiful. It feels like youre flying. Translator it was truly beautiful. There are no other words for it. Reporter above or below, no matter how you look at it, the underwater world of lake shikotsu is pure magic. Nhk world, hokkaido. Thanks for that report. Somewhere to consider if youre planning to visit hokkaido. Cloudy, partly fair is the forecast for us here in tokyo where the current temperature reading is 24 degrees celsius or 75 degrees fahrenheit. Humid conditions prevail. Sayaka mori from our weather desk joins us for this hours World Weather update starting with the stormy conditions in southern japan. Yes, rough weather is continuing in western japan. Last night a couple of possible tornadoes were reported in the fukuoka prefecture. Structures were damaged and one person got severely injured. Now, typically about 25 tornadoes occur a year in japan over land and september is the peak season because some tornadoes occur because of tropical cyclones or frontal systems. This time a frontal system caused Severe Weather in the north of the region. Right now the front is located on the south of kyushu. So theres a possibility for tornadoes cece again. Now, wet weather will likely contue i into frididay across t west. But for the rest of japan, its going to be generally dry including tokyo. So we will see the sun coming up finally in tokyo. The highs going to be 26 degrees and humidity is not going to be too high. We can enjoy a Beautiful Day in tokyo finally. Furtheher down to the south, the is a Tropical Storm which we have been monitoring. This system is now packing winds of 65 Kilometers Per Hour. This system will likely intensify to a strong typhoon and affect the okinawa region by monday and hikely affect main islands of japapan into tuesday and possibly into wednesday. Well keep you posted. Very visual storm system a affecting parts of australia. Yesterday a cold front moved through the south of australia. Statewide power oututage occuru in South Australia yesterday. The system is now effecting the southeast coast and theres a low pressure system over the similar area. So we have Severe Weather warnings widely posted from australia to tasmania and new south wales. Gusts could be up to 140 Kilometers Per Hour on thursday. Waves up to 10 m