The latest statement from the International Olympic Committee (IOC) said that the Olympics will push through even while Tokyo is under a state of emergency which caught the ire of some Japanese. However, cancelling the Tokyo Olympics is more than safety concerns; it involves politics and TONS of money!

Legally, it is not up to Japan and the Tokyo government to cancel the Olympics. IOC owns the games and Japan is the host. IOC can only end the contract. But IOC president Thomas Bach said that the games will go ahead regardless of the fourth wave.
In 2019, all preparations have been set and Japan has been actively promoting the Olympics. Everyone is excited and is hoping for a return on their investment. Unfortunately, the COVID pandemic happened in 2020 months before the games.

Celebrating the Olympic values is the best way to herald a new era, if possible. There is no doubt that this Olympics is one for the books right after the global pandemic.

It would be a great PR for Japan and the current leadership if it will be able to hold the games safely without a major outbreak of infection. 

It is also an opportunity to restart the severely affected tourism industry. It is still unclear whether spectators will be allowed in the games and the organizers will most likely decide at the last minute. Latest reports claimed that they are leaning towards allowing fans to watch the event.