Tokyo olympics to be postponed

The Olympic torch was lit on March 12th in a closed door event and would have supposedly continued to burn until the closing ceremony. It was to signify that the Olympics would neither be postponed nor be cancelled. This was an irony because both Canada as well as Australia one of the largest contingents pulled out citing the pandemic corona . Finally the IOC as well as the Japanese Government have acknowledged this move and have decided to postpone the games. As per the new arrangement the games are scheduled between July 23rd to August 8th 2021. How has this decision affected Japan? According to Kiichi Murashima , a leading Japanese economist the Japanese economy and tourism are the two sectors which are going to be hit the hardest. According to a report in The Economic Times Tokyo is officially spending $12.6 billion to organize the Olympics, although a national government audit office says it's at least twice that much. However the insurance policy of Comcast Corp provides some relief here. The IOC officials signed off by stating that all necessary measures would be undertaken so that a loss would be their least possible outcome.