The Olympics have never been rescheduled in peacetime. In 1916, 1940 and 1944 the toys were canceled due to world wars.
On March 17, Japan's Olympic Minister Seiko Hashimoto said that the country was planning a "complete" hosting of the Games, which she continued to explain meant an Olympics that "started on time and with spectators present."
There has been growing opposition to hosting the games scheduled as countries attempt to spread the coronavirus border, which has infected more than 381,000 people worldwide.
Sports agencies, including the United States athletics track and swimming in the United States, also requested deferral.
Meanwhile, athletes who have been unable to train due to closed facilities and limited access to coaches and training partners have also expressed opposition to the games continuing as planned.
Sports events across the globe have been suspended in the middle of the virus, and Euro 2020 was moved to next year.
The financial implications of postponing the Olympics can be huge.
Organizing costs, organizers said in December, were $ 1.35 trillion ($ 12.35 billion), but according to Reuters, that figure did not include the cost of moving marathons and running events from Tokyo to Sapporo to avoid the summer heat.
Sponsors, insurance companies and broadcasters have also committed billions to the games.
Some experts believe that the true sum is likely to be $ 25 billion, a large majority of which has already been spent on major infrastructure projects such as transport networks, hotels and new arenas.
CNN's Aimee Lewis, Aleks Klosok, Kaori Enjoji and Yoko Wakatsuki contributed to this report