After talks between Japan’s prime minister, Shinzo Abe, and the International Olympic Committee president, Thomas Bach, the Tokyo Olympics 2020 will not go ahead as scheduled.
The Tokyo Olyampic 2020 has postponed until 2021 as announced by Japan’s prime minister, Shinzo Abe.
It was the time during the second world war the Tokyo Olympics was postponed and it’s the second time the Tokyo Olympics has postponed due to COVID-19 pandemic.
The postponement will come as a blow to the host country, which has spent more than $12bn on the event, while huge sums are also at stake for sponsors and broadcasters.
Goldman Sachs estimated this month that Japan would lose $4.5bn (550bn yen) in inbound and domestic consumption in 2020 if the Olympics did not take place as planned.