Recently the NRA has begun slowly climbing from 65 to 67 and is now near 66, but the EEA has remained fixed at 62. As I will argue below, there is a good rationale for raising the NRA beyond age 67, but I also think we should raise the EEA at the same pace.
First, in Japan, deposits are dominant in the financial assets of the household sector, and at Japanese financial institutions, both the major banks and the regional banks, traditional commercial banking that focuses on deposit-taking and lending still carries much weight.