Haruhiko Kuroda: Demographic changes and challenges for financial sector
The views expressed in this speech are those of the speaker and not the view of the BIS.
Introduction
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.