Figures released last month showed organisers had trimmed budget estimates to 1.685 trillion yen (£12 billion) including contingencies, from 1.8 trillion yen in their initial budget unveiled in December.
Coates, speaking Wednesday at a meeting of the IOC Coordination Commission on its fourth visit to Tokyo, said the IOC was pleased with the reduction as well as organisers' emphasis on reducing costs further.
"It is important to us that with these costs of the Games and the final analysis that become public, they are going to be a reason to attract candidate cities," he said. "To attract them to bid, rather than to scare them off."
In September last year, a Tokyo city government panel had warned that expenses could balloon to 3 trillion yen.
That would have been some four times the estimate Tokyo had made when it won the bidding in 2013, and prompted a worried IOC and local organisers to form a working group on cutting costs.
The IOC is worried soaring costs could scare off future bidders, after four cities dropped out of the 2024 race over such concerns.
"That is not only important to you, your taxpayers and the public, but it is very important to the IOC," Coates said of reducing costs. "It's for our own future that we're doing it, just as much as you want to do it for your taxpayers."
The latest budget figures also show a reduction in the amount of public money to be used. Meanwhile, the organising committee has increased its portion - paid through sponsorship, IOC contributions and other private funds - to about 43 percent of the budget excluding contingencies.
(Editing by Amlan Chakraborty)
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