"President Biden affirmed his support for the Tokyo Olympic Games moving forward with all public health measures necessary to protect athletes, staff, and spectators", the statement read.
In addition, Biden expressed his pride in US athletes who had trained hard for the Games and "will be competing in the best traditions of the Olympic spirit".
The Tokyo Olympic Games are due to take place from 23 July until 8 August.
Other topics discussed by the two leaders included the COVID-19 pandemic, climate change, North Korea, and China as well as the importance of preserving peace and stability across the Taiwan Strait.
Biden also reaffirmed his support in strengthening Japan-US cooperation.
The three-day G7 summit began in the southwestern English county of Cornwall on Friday. Participating countries include the United Kingdom, US, Canada, France, Germany, Italy, and Japan. Australia, India, South Korea, and South Africa were invited to participate in the summit as guest countries.