The $37.9 billion figure includes a $21.1 billion economic benefit for the Tokyo metropolitan area and 16.3 billion for the rest of the national economy.
"The economic impact would be felt not only in Tokyo, but all across Japan, including areas affected by last year's natural disaster in northern Japan," Tokyo 2020 CEO Masato Mizuno said.
Tokyo's 2020 bid committee projects that 84,000 new jobs would be created in Tokyo and 68,000 elsewhere.
Tokyo is promoting its 2020 bid as a symbol of Japan's recovery from the March 11, 2011 earthquake and tsunami that left more than 19,000 people dead or missing on Japan's northeast coast.
Tokyo, which is bidding for a second consecutive time, is up against Madrid and Istanbul.
The IOC will pick the 2020 host on Sept. 7, 2013 in Buenos Aires.