Market Growth in an Aging Japan

The world’s most aged society is facing an unprecedented demographic shift, with important lessons for other developed countries. The share of Japan’s population over the age of 70 is expected to surge to 24% by the end of the decade, while its young and working-age populations shrink and immigration stagnates. Goldman Sachs Research’s Sho Kawano explains the potential economic implications, from greater healthcare demand to M&A activity in Japan’s small-business-dominated economy.