Japanese former marathon runner Noguchi Mizuki and president of the Tokyo 2020 Organising Committee Toshiaki Endo pose for a picture following the Olympic flame lighting ceremony for the Tokyo 2020 Summer Olympics on March 12, 2020 in ancient Olympia, Greece.

Japan's economy will take a hit if the Olympic Games are canceled due to the coronavirus outbreak, an analyst said on Friday amid swirling speculation over whether the massive sporting event will take place as scheduled this summer in Tokyo.

The Japanese economy has already been hit by a consumption tax hike that crimped spending and the fallout from the coronavirus pandemic is likely to affect Japanese exporters this year, said Waqas Adenwala, Asia analyst at The Economist Intelligence Unit.

"The Olympics actually is the only silver lining Japan has right now," Adenwala told CNBC.

"The Olympics is the only scenario we can expect some incoming of tourist arrivals, some spending there. It wouldn't have been a big lifesaver, but it would've been some sort of support rather than nothing being there," said Adenwala.

Tokyo has repeatedly reaffirmed its commitment to holding the Olympic Games. Japan's top government spokesman Yoshihide Suga emphasized on Friday that the country is on track to hold the Tokyo 2020 Olympics, after U.S. President Donald Trump suggested a possible delay, Reuters reported.

"I am aware of President Trump's comments, but we are working closely with the IOC (International Olympic Committee), the organizing committee, and Tokyo in preparing for the Games as planned," Suga told reporters, according to Reuters.

Suga was referring to Trump's comments on Thursday, when he said officials should consider postponing the Olympics for a year due to the coronavirus outbreak. On Wednesday, the World Health Organization declared the outbreak of the disease, formally known as COVID-19, a global pandemic.