(CNN)Japan’s Prime Minister Shinzo Abe and International Olympic Committee (IOC) president Thomas Bach agreed Tuesday to postpone the Olympics by about one year.

Abe put the suggestion to Bach, who agreed that the latest date the Olympics will be held is summer 2021.

It was also announced that the event will still be dubbed Tokyo 2020 Olympics despite the postponement.

“The IOC president and the Prime Minister of Japan have concluded that the Games … must be rescheduled to a date beyond 2020 but not later than summer 2021, to safeguard the health of the athletes, everybody involved in the Olympic Games and the international community,” said a statement from the IOC and Tokyo 2020 organizing committee.