South Korea renounced its plan to host the 1970 Asian Games on the grounds of a national security crisis; the main reason was due to a financial crisis. The previous host, Thailand, would host the Games in Bangkok using funds transferred from South Korea. Japan was asked to host but declined the opportunity as they were already committed to Expo '70 in Osaka. This edition marked the Games' inaugural television broadcasting, world-wide. In Tehran, in 1974, the Games formally recognized the participation of China, North Korea and Mongolia. Israel was allowed to participate despite the opposition from the Arab world, while Taiwan was permitted to continue taking part (as "Chinese Taipei") although its status was abolished in general meeting on 16 November 1973 by Games Federation.