Seniors driving consumption up
As much of working-age Japan frets about having enough money in old age, the nation’s seniors are increasingly propping up consumer spending, accounting for the little growth in consumption the country has seen in recent years. It is something of a paradox. In rapidly aging Japan, the world’s oldest country, the growing number of seniors is seen posing big challenges for the future, particularly for public finances as the pension system comes under growing strain. For now, though, the elderly are doing more than their share to keep the world’s third-largest economy going.