In sum, the two changes in the environment indicate that the source of economic growth would expand substantially from advanced economies such as Japan, the United States, and Europe, to a broader world including emerging economies, and in terms of domestic markets, from markets especially for young and middle-aged generation to broader markets for a wider range of generations including the elderly.
The decline in Japan’s growth potential since the 1990s suggests that Japanese firms were not able to sufficiently adapt to such changes in the environment.