Japan and Space Elevators

A Japanese construction company known as "Obayashi" wants to build an elevator that reaches to space. They report that the elevator would go to about a tenth of the way to the moon and can cary 30 people. They plan to use carbon nanotubes and cables to suspend a counterweight in space (about 60,000 miles away) and attach the other end to a port anchored to the ocean floor. The station could reach speeds up to 125 mph and it would take about a week to get to a space station. The space station would have living quarters and facilities. They hope to reach this by the year 2050.