For the first time in history, Japan has a population where over 10% of its people are aged 80 or older, the national statistics reveal, BBC reports.
Nearly 29.1% of Japan's total population, which stands at 125mn, is now aged 65 or older, marking a record high. Japan has grappled with the challenges of its aging population for years, as it has one of the lowest birth rates globally. The United Nations has recognized Japan as having the world's oldest population when measured by the percentage of people aged 65 and above. Italy and Finland follow, with 24.5% and 23.6%, respectively.
Projections from the National Institute of Population and Social Security Research suggest that by 2040, over 34.8% of Japan's population will be aged 65 or older. While Japan boasts a high employment rate among the elderly, with over 13% of the workforce aged 65 and above, this has not alleviated the strain on the nation's social security expenditure.
Japan recently approved a record budget for the upcoming fiscal year, partly due to escalating social security costs. Despite various attempts to boost birth rates, including offering financial incentives, Japan continues to face declining fertility, exacerbated by the high cost of living and long working hours.
Last year, Japan recorded under 800,000 births, the lowest figure since 19th-century record-keeping began, a sharp contrast to the over 2mn births reported in the 1970s. Prime Minister Fumio Kishida warned earlier this year that Japan is approaching a point where it may struggle to function as a society due to its plummeting birth rate.
However, Japan has been cautious about accepting migrant workers as a solution to the fertility crisis. Demographic challenges also affect other Asian countries, as China saw its population decrease for the first time since 1961 last year, and South Korea reported the world's lowest fertility rate.
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