According to the Kyodo News, Japanese Prime Minister Shinzo Abe has announced that the Tokyo Olympics and Paralympics have officially been postponed until next year. row2k will update this article as new information becomes available.
Update 8:55am: Joint Statement from the International Olympic Committee and the Tokyo 2020 Organising Committee.
The statement says that Abe and Bach agreed that "the Games of the XXXII Olympiad in Tokyo must be rescheduled to a date beyond 2020 but not later than summer 2021."
Update 11:40am: USRowing issued a statement this morning:
USOPC CEO Sarah Hirshland's Letter To Athletes Regarding Tokyo 2020 Postponement.
Japan, IOC agree to postpone Tokyo Olympics: Abe
Tokyo governor Yuriko Koike said the Games still be called 2020 Tokyo Olympics.
The Olympic flame will remain in Japan, although the torch relay in Japan, which was to start on Thursday but was changed to take place in cars, has been cancelled for the time being.
The Games were originally to have started on Friday July 24, with the rowing heats among the first events contested on Friday morning, even before the Opening Ceremonies, which were scheduled for Friday night. The corresponding Friday in 2021 would be July 23, 2021, although at present this is not the official start date; no official date has been set as noted above.
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