The Japan Sports Council released the designs today and said the winner will be chosen this month. It did not identify which companies have proposed which designs.
The two designs are more understated than the original plan by British-Iraqi architect Zaha Hadid, which was scrapped due to controversy over its cost and scale.
"We will work to ensure a stadium that will be loved by all," Kazumi Daito, president of the Sports Council, said in announcing the plans, which he said would put "athletes first" and also emphasise accessibility for the disabled, elderly and children.
Design "A'' has a relatively flat roof and fits in with surrounding greenery, with shrubbery along its outer concourses. The combined steel and wood structure seems to echo traditional temple designs, and stands only 50 metres tall, with a center sports ground sunk below the surface.
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Its construction cost is listed at a total of 153 billion yen (USD 1.26 billion).
The 54.3-metre-tall Design "B'' is more ethereal, with outer glass walls that blend with the sky and are meant to reflect the traditional Asian concepts of the Five Elements of wood, fire, earth, metal and water. It would cost 153.7 billion yen.
The stadium will replace the razed National Stadium, which was built in the late 1950s and hosted the 1964 Olympics.