No: Athletes can't effectively train right now, and the coaches/refs/athletes would all spread the virus among themselves. Japan may or may not be able to deal with that, but who wants to go traveling abroad in the aftermath of a major global pandemic? Athletes also have family, grandparents etc that may be experiencing the virus themselves or the cause of a funeral. How psyched would those athletes be to participate in the games when their granny is being buried back home? Would you enjoy watching half-hearted competition among athletes not at the top of their game?
The fact it took this long to cancel in the face of an obvious global situation is a bit shameful.