Moreover, given the demographics of Japan's super-aged society, in which 30 percent of the population are pensioners aged 65 and over, the bridge connecting households and the economy is narrow, making it difficult for households to reap the benefits of economic growth.
Also, although residential property is a typical financial asset for households, the lifespan of houses in Japan is less than 40 years, 6 and the second-hand housing market is small, accounting for only 15 percent of the housing market overall.7 This makes houses almost consumer durable goods, hardly an option as part of stable asset formation for retirement.