In 2025, close to 30 per cent of Japan’s population was aged 65 years or older while the country’s total fertility rate was 1.14, well below the replacement rate of 2.1. These demographic shifts have intensified discussion about who bears the costs of ageing and which generations have benefited most from Japan’s postwar economic and social order.
Prevailing narratives juxtapose the career stability and wage growth of those born in the immediate aftermath of the Second World War with the economic insecurity of those entering the workforce after the collapse of the 1990s. Generational labels
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