Not anywhere close to $700 US unless you plan on the 21 day pass. 7-day pass (they will be there for 10 days) can be had for 28300 Yen
I've actually found the food in Japan, including Tokyo, to be on the cheap side. Yes you can break the bank on a meal, but there are so many restaurants that it's easy to find cheap meals of the highest quality. A simple set lunch/dinner consisting of traditional foods for under 1000 yen. I can't beat that if I go out to lunch or dinner here in Houston, Texas due to tax and tip. There are millions of people in Tokyo, and they often eat out. These millions aren't loaded - they are working stiffs like the rest of us. Meals are priced so that these working stiffs can afford them...