The Tokyo Olympic Games will now begin on July 23, 2021 and finish on August 8 authorities said today (Monday).

It came after a joint decision was made by the International Olympic Committee, Japanese government, Tokyo Metropolitan Government and local organizing committee.

The move comes after the postponement of this year’s Games due to the ongoing coronavirus pandemic.

It’s the first time in its history that an Olympic Games has been postponed for a certain amount of time with the Japanese economy expected to struggle massively from this move.

There are expected ticket refunds and volunteers might not be able to attend, despite the LOC stating that they will be valid and retained, respectively.

Japan has spent $12.6 billion to host the events.

The Paralympics will now commence from August 24 to September 5.