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Tokyo 2020 Olympics

In costly blow to Tokyo, Olympics are postponed a year

Refunding tickets, extending venue contracts and renegotiating sponsorships await

Japanese Prime Minister Shinzo Abe speaks to reporters at the prime minister's office in Tokyo after a phone call with International Olympic Committee President Thomas Bach on Tuesday. (Photo by Arisa Moriyama)

TOKYO -- The Tokyo Olympic Games will be pushed back one year until the summer of 2021, Japanese Prime Minister Shinzo Abe told reporters Tuesday after speaking by phone with International Olympic Committee President Thomas Bach.

The much-anticipated decision comes after weeks of uncertainty for athletes, fans, sponsors and the Japanese public over an event that has cost the country $12.6 billion to stage.

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