The task force, led by CEO Toshiro Muto, consists of 30 senior directors and held it's first meeting at the headquarters of the organising committee.
Tokyo 2020 president Yoshiro Mori (82) said that the team will face unprecedented difficulties and challenges, but he believed that they will rise to the occasion, Japanese broadcaster NHK reported.
"All the decisions are made as quickly as possible," the former Japanese Prime Minister said.
Muto will lead the task force to address numerous issues from ticketing, venues, securities, volunteers, accommodations to transportation.
He said the postponement will cost "massive" extra money and be a major test for the Olympic hosts.
"We didn't imagine at all we would be tested to this degree," he said.
However, he believed that Tokyo will go beyond this test and that the torch will be lit for the Olympic and Paralympic Games.
Muto said the most pressing task is to decide the date of the opening and closing ceremonies.
"We must decide this soon, otherwise it will be hard to decide on other things to follow," he added. (UNI)
