Japanese tire giant Bridgestone Corp said Tuesday it will end its top-tier sponsorship agreement with the International Olympic Committee, following in the footsteps of Toyota Motor Corp and Panasonic Holdings Corp.

This means all three Japanese top-tier sponsors will discontinue their marketing tie-ups with the global sporting event.

The tire maker, who made the decision after evaluating its corporate brand strategy, said it will no longer renew its Olympic and Paralympic partnership beyond the end of this year. Bridgestone entered the contract with the IOC in 2014.

"Still believing in the power of sports," the company will continue to focus on promoting motorsports, Bridgestone said.

Last month, Toyota said it will not renew its top-tier sponsorship deal with the IOC at the end of the year, while Panasonic also decided to end its contract, which expires in December.