Labour force could be over the hill already

The ongoing decline in the size of Japan’s adult population won’t look quite so worrying when the recent revival of immigration starts to be factored in. But the underlying trend has worsened over the past decade, with the labour force now set for sizeable declines unless there is an improbable further increase in labour force participation. Meanwhile, the BoJ is readying its defences once again as 10-year yields climb back towards the 0.25% ceiling.