A paper presented to the International Workshop on Civil Service and Military Pension Arrangements in Selected Countries of the Asia-Pacific organized by PIE, Hitotsubashi University supported by RIPPA held at Hitotsubashi Collaboration Center, Tokyo, Japan on 20-21 January 2011

Japanese corporate pension funds have experienced a severe crisis since the mid-1990s due to the country's long-term economic stagnation, which has meant both poor investment performance and low interest rates that have expanded future pension liabilities. In spite of such difficulties, however,...