So far, my analyses focus on the effects of demographic changes on macroeconomic performance of the Japanese economy as a whole. In practice, demographic changes, such as population aging or a low birth rate, advance unevenly across regions.
For example, the population growth rate, the working-age population and the share of the population aged 65 years or older vary substantially from region to region (Chart 13). Behind the dispersion in prefectural growth rates, regional fiscal balances and the strategies of financial institutions lie uneven developments in demographic changes across prefectures.