Haruhiko Kuroda: Demographic changes and challenges for financial sector

Remarks by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the 2018 Paris Europlace International Financial Forum, Tokyo, 19 November 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
20 November 2018


It is a great honor for me to have the opportunity once again to give a speech at the Paris Europlace Financial Forum.

Among the many occasions I was invited to this Forum in the past, I talked about financial innovation in the last two years. This year, I would like to talk about another long-term issue faced by many advanced economies; namely, demographic changes.

Among advanced economies, France has led the way in tackling the issues brought about by declining population. The total fertility rate has been gradually increasing; however, it continues to face the challenges of an aging population. Meanwhile, Japan faces the headwinds of both a declining and an aging population, with a total fertility rate far below two. Today, I would like to talk about how such demographic changes are affecting the financial sector.