As for the future, the ratio of nonmanufacturing to manufacturing workers (and the ratio of value added in the nonmanufacturing sector to GDP) is projected to rise constantly; thus, the downward pressures on labor productivity may be further enhanced (Sakura et al. [2012]).
Possible impact of demographic changes on the financial asset structure According to the previously mentioned life-cycle investment hypothesis of Bakshi and Chen (1994), investors gradually shift from housing investment to financial investment for retirement as they get older.