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Japan is a pioneer and an extreme version of where much of the First World is headed as longevity increases and fertility declines. The likely consequences are slower economic growth, reduced innovation, labor shortages and huge pressure on pensions. If you think our entitlement politics are fraught, think about this: In Japan in 2050, the old age dependency ratio the number of people 65and over as a percentage of the number who are 15 to 64 is projected to be 71.2 percent..

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