What does the future hold for the world’s ageing populations? When experts try to answer this question, they often look at Japan, a country whose demographic profile turned sharply older in the early 1990s. Growth fell, deflation set in and capital investment flatlined. Nominal interest rates stayed incredibly low for a long time.
日益老齡化的世界人口的未來會如何？當專家們嘗試回答這個問題時，他們經常會看看日本——在上世紀90年代初，日本的人口結構大大老齡化了。接下來發生的事情是：日本經濟增長率下降，通縮來臨，資本投資停滯。名義利率在長時期內保持在極低水平。
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