TOKYO - Japan Prime Minister Taro Aso expressed confidence Tokyo's financial strength will persuade the International Olympic Committee (IOC) to award the 2016 Games to the city when he welcomed bid inspectors on Thursday.

Aso, who represented his country in shooting at the 1976 Montreal Games, said Tokyo deserved to be the frontrunner in the race to host the Games.

Tokyo, the first Asian city to host the Olympics in 1964, faces competition from Chicago, Rio de Janeiro and Madrid. The IOC will select the winner in Copenhagen on Oct. 2.

"Whatever needs to be done, will be done. Whatever needs to be built, will be built. Whatever needs to be financed, will be financed."

Tokyo's bid leaders insist the Japanese capital is best placed to emerge from the global financial downturn and host a debt-free Olympics in 2016.

The city has a contingency fund for the Games of over $4 billion but Barack Obama's landslide victory in the United States presidential election last November was seen to give his home city of Chicago a major boost in the bidding race.

The IOC's 13-member commission led by Moroccan Nawal El Moutawakel are visiting Japan second after a whirlwind stop in Chicago earlier this month.

"I was young enough (at the 1976 Montreal Games) that I didn't need to use glasses," joked Aso in his welcoming speech.

"It was an unforgettable experience. The Olympic Games are the world's biggest and most prestigious event."

Aso added: "Tokyo has an excellent urban infrastructure with the world's best transportation networks and accommodation. It is one of the world's most advanced cities in terms of sports, environment, and public safety."