An opinion I wrote in 2010 arguing that deflation and declining birthrates stem from economic insecurity was finally substantiated by an article published in The Nikkei.
The data exposes the fallacy of the “mature society” narrative and highlights the decisive role of economic anxiety among younger generations.

May 30, 2016

The following is an opinion piece I submitted on July 20, 2010.
Japan has become a mature society, so there is nothing left to buy; therefore deflation occurs.
Likewise, declining birthrates and an aging population are inevitable—these are all textbook examples of “the lies of common sense.”
In a country where one in seven people lives in poverty (with many of them young), who can possibly marry and have children?
There is nothing to buy?
Especially in the field of fashion, there are countless things one wants every year and every season.
If there is anyone standing in a department store clothing section who finds nothing they want, I would like to meet them.
People simply do not buy because they have no money.
Unlike the greed of foreign capital that dominates stock markets, which are the foundation of capitalist society, human beings naturally possess desire in a good sense.
(Omitted thereafter.)
At long last, on May 30, 2016, an article was published in The Nikkei that proved the correctness of this opinion of mine.
All emphasis in the text except the headline is mine.
Economic anxiety accelerates declining birthrates.
Japan–Korea awareness survey shows widening disparities among younger generations.
In Japan and South Korea, where declining birthrates continue, a survey conducted in both countries revealed that one in four people believes economic anxiety is the greatest cause of declining birthrates.
Facing low growth, both countries are seeing an increase in non-regular employment and widening disparities among younger generations.
Many feel the financial burden of marriage and childrearing, highlighting the reality that economic anxiety among child-rearing generations is accelerating the decline in birthrates.
(Related feature on page 6.)
The survey was conducted online in early May by Nihon Keizai Shimbun and South Korea’s JoongAng Ilbo, asking approximately 1,000 people in each country the same questions.
In Japan, 23.9 percent, and in South Korea, 25.8 percent, cited “employment insecurity and economic anxiety” as the primary cause of declining birthrates.
Among men alone, the figures were 24.5 percent in Japan and 33 percent in South Korea, the highest in both countries.
Among Japanese women, 26.6 percent cited “remaining unmarried or marrying later” as the main cause.
In South Korea, 38.1 percent pointed to “the lack of systems and environments that allow balancing work and childrearing.”
The “M-shaped curve,” in which women’s labor participation declines during their 30s, the prime years for childbirth and childrearing, is a shared challenge in both countries.
The proportion of female managers is also around 10 percent in both, far lower than the 30–40 percent seen in Western countries, suggesting that delays in creating environments where women can balance marriage, childbirth, and work also contribute to declining birthrates.
The total fertility rate, which represents the number of children a woman gives birth to in her lifetime (2015), was 1.46 in Japan and 1.24 in South Korea.
In Japan, it rose for the first time in two years against a backdrop of improving economic conditions, reaching the highest level in 21 years, but the gap with the government’s target fertility rate of 1.8 remains large.
To maintain the upward trend, it is essential to provide economic support to younger generations, including non-regular workers, stabilize employment, and eliminate anxiety.