The current population of Japan ranks 12th in the world.
However, in 1950, before Japan entered its period of economic growth, its population ranked 5th globally.
Ultimately, one significant reason for Japan's economic leap forward might have been its large population, rather than any inherent uniqueness of the Japanese people.
Today, Japan's population is the 12th largest in the world.
Many Japanese who lament the aging population might not realize that Japan was once different.
Looking at the 1950 world population ranking before Japan's rapid economic growth, Japan was ranked 5th.
This indicates that Japan was a populous country at the time.
The major factor behind Japan's economic success might have been its large population rather than any exceptional traits of Japan or its people.
Therefore, as Japan faces declining working-age population due to aging, even with continued financial easing or currency depreciation, Japan's economy may have no future without an increase in population.
Acknowledging the observation that Japan's reluctance to accept immigrants, as pointed out by President Biden, could pose challenges, might be prudent.
Despite Japan's economic decline, the strong yen and stable prices provided some relief, but the sudden depreciation of the yen since last year led to a sharp rise in prices.
Just when it seemed like all hope was lost, stock prices surged this year.
However, this didn't last long, as stock prices began to decline again.
Japan appears to be stuck in a cycle of little change or, rather, heading into a phase of political distrust, currency depreciation, stock market declines, and rising prices.
Despite a declining population, both the government and the business sector in Japan have not only failed to increase workers' incomes but have also created a new concept of treating workers as costs, with "non-regular" or contract workers.
As a result, workers are struggling just to make ends meet.
Moreover, with the prevailing "zero interest rate policy" favoring businesses, making profitable investments seems like a distant dream.
Today's youth may not be aware, but Japan during its period of high growth was different.
If one became an employee of a large corporation or a government official, they were set for a stable life for 40 years.
Thanks to generous retirement benefits and public pensions, they didn't have to worry about their future after retirement.
With a growing population, buying land and selling it for profit was a common practice, along with profitable long-term stock investments.
Therefore, even those indifferent to investing could double their principal in 10 years and multiply it by 10 in 30 years through savings in financial institutions or insurance products.
Hence, those who worked for large corporations and climbed the ladder to become executives from the end of the Showa era to the beginning of the Heisei era could amass financial assets worth hundreds of millions of yen and real estate by retirement.
After retirement, with the returns from these assets and pensions alone, they could enjoy an income of over 10 million yen per year.
While households with financial assets exceeding 500 million yen are now called "super-rich," it was common among households with grandparents who were executives during the bubble period.
Employees in large corporations during that time, from the moment they joined the company, indulged in lavish spending on dining, mahjong, and golf, with annual entertainment expenses of millions of yen.
While young, they used taxi vouchers, and when they became executives, they received company cars.
Moreover, during gift-giving seasons, warehouses were filled with deliveries.
In any case, in the past, those who spent the company's money the most would get promoted the most in big corporations.
Looking back, one could say that the era of economic disparity had already begun.
However, since even those at the bottom of society were benefiting from economic growth back then, not many paid much attention to it.
Looking back now, it seems like the good old days.
However, for us living in an era where the economy is not growing at all, such a rosy life is now nothing but a "legend."
The government is aiming to revive capitalism in this country, where the economy has stopped growing, by continuing its absurd economic policies of "depreciating the yen, raising stock prices, and zero interest rates."
However, since the population is decreasing and the economy is no longer growing, it's a "self-evident truth" that there will be no economic revival without accepting immigrants.
Yet, it's unlikely that the Japanese will accept immigrants.
If one were born in an era of population growth and economic prosperity, they could become wealthy with average abilities and hard work.
However, being born in an era of population decline and almost no economic growth, just average abilities and hard work are not enough to become wealthy.
Until we acknowledge this harsh reality, this country has no future.
