But the raging pandemic prompted the first postponement of the Games in peace-time, with the opening ceremony now slated to take place on July 23, 2021.
According to the latest budget, the Games were due to cost $12.6 billion, shared between the organising committee, the government of Japan and Tokyo city.
China, where the coronavirus emerged in December, says that its preparations for 2022 are on schedule.
The Tokyo 2020 Olympics were due to open on July 24 this year and run for 16 days, but the coronavirus pandemic forced the first peace-time postponement of the Games.
Both countries said last week, in statements released in quick succession, that they would not send teams to the Olympics in July because of the coronavirus pandemic.
The Tokyo 2020 Olympics were due to open on July 24 and run for 16 days, but the coronavirus pandemic forced the first peace-time postponement of the Games.
The 2020 Olympics, which were set for July 24-August 9 this year, were postponed until 2021 by the IOC this week because of the coronavirus.
The 2020 Olympics, which were set for July 24-August 9 this year, were postponed until 2021 by IOC this week because of the coronavirus.
A spring Olympics, however, would clash with the end of the European football season, as well as the NBA playoffs and the early part of the baseball season in the US.
Around 57 per cent of the 11,000 scheduled participants for Tokyo had already made sure of taking part when the IOC pushed the Games back to 2021 due to the coronavirus on Tuesday.
But the rapidly expanding coronavirus epidemic has changed the political calculus, making holding the Games a greater risk than putting it off for now, he said.
HE Sheikh Joaan bin Hamad Al Thani said the decision reflects the commitment of IOC to protect the health of athletes and all members of the Olympic family.
The IOC's role, Bach said, was "to make the Olympic dreams of athletes come true".
The deadly coronavirus pandemic has swept into all 50 states of America, leaving US athletes' years of carefully choreographed Olympic training plans in tatters.
The delayed event -- still to be called Tokyo 2020 -- will now be a "testament to mankind's defeat of the new virus", said Japan's Prime Minister Shinzo Abe.