V.  Concluding Remarks  I have explained how demographic changes affect the Japanese economy through various channels. In retrospect, up until the global credit bubble-burst, both academics and policy makers did not fully appreciate the significance of a bubble-burst. The Japanese experience of a bubble-burst tended to be underestimated as an idiosyncratic episode.
Likewise, bystanders’ apprehension about the ongoing demographic changes in Japan may, I fear, be falling short of the mark. My sense is that full apprehension of the consequences of rapid population aging, coupled with the low birth rate, is yet to be seen in light of the importance of the issue.