Japanese Prime Minister Shinzo Abe issued an emergency declaration this week to battle the virus, putting the country under restrictions after it initially appeared that it had avoided the spread.
"We have made the decision to postpone the games by one year," Muto added.
"So this means that all we can do is work hard to prepare for the games. We sincerely hope that come next year mankind will manage to overcome the coronavirus crisis."
When asked if there were alternative plans to 2021, Muto said, "Rather than think about alternatives plans, we should put in all of our effort." he said.
"Mankind should bring together all of its technology and wisdom to work hard so they can development treatments, medicines and vaccines. Japan has reported about 5,000 cases and 100 deaths. The country has the world's oldest population, and COVID-19 can be especially serious for the elderly," he said. .