In 1988, the total fertility rate (TFR, the number of children per family) of Japan was 1.38, recording a historic low. To date, there is little sign of any stop to this fertility decline. If the low birthrate continues, in a few years the total population of Japan will peak at around 128...

This paper investigates the household saving behavior by different cohorts with various household characteristics in Japan. Pooling the National Survey of Family Income and Expenditure in 1984, 1989 and 1994, the cohort analysis finds a substantial behavioral difference in the baby-boomer...