The working-age population plays a core role in production activity, and such a decline will constrain economic growth from the supply side through a reduction in the number of workers. The working-age population is also a major driver of private consumption and significantly contributes to tax revenue.
Although I recognize the difficulty of giving up business in Japan, if banks -- which should form the core of capitalism and the market economy -- understand this point, I believe productivity of the economy will improve greatly.31  Concluding Remarks Nearly seven years have passed since the introduction of bold monetary easing in 2013, and almost five years have passed since I was appointed as a Member of the Policy Board of the Bank.