Tokyo Gov. Yuriko Koike announced Tuesday that the famed Tsukiji fish market will relocate to the planned Toyosu site in Koto Ward, with the current site to be redeveloped after the 2020 Summer Olympic Games.

"I have concluded that using both sites would be the wisest decision," Koike told reporters at a hastily arranged news conference at the Tokyo Metropolitan Government office in Shinjuku Ward.

Koike said the Toyosu site will operate as the primary wholesale market and the main distribution center, benefiting from its close proximity to both Narita and Haneda airports.