Tokyo 2020 Olympic Games logo is pictured in Tokyo on Sept 18, 2020. (CHARLY TRIBALLEAU / AFP)

TOKYO - The Tokyo 2020 organizing committee will save 30 billion yen (US$280 million) with various simplification measures, it was announced here on Wednesday.

The Tokyo Olympics was pushed back by one year because of the pandemic and will open on July 23, 2021

The Tokyo organizers made the announcement after updating the IOC Executive Board on its preparations for the Games. Both sides agreed on more than 50 items of simplification in their recent meeting two weeks ago.

Tokyo 2020 CEO Toshiro Muto described the cost savings as "a big achievement," but added that is not the "end" of the job and that Tokyo 2020 will continue to explore as wide areas as possible to cut the cost.

Tokyo 2020 president Yoshiro Mori told reporters that IOC chief Thomas Bach appreciated their simplifications measures during the day's presentation.

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Mori, a former Japanese Prime Minister, said that the Tokyo Olympics will become a role model for future Olympics hosts in the post-COVID-19 era.

He said he had long been thinking that the cost of hosting an Olympics should be reduced and the COVID-19 pandemic has become a good opportunity.

"We can take advantage of it (COVID-19)," he said. "We can come up with a Tokyo model."

The Tokyo Olympics was pushed back by one year because of the pandemic and will open on July 23, 2021.