S&P 500+0.82%▲
NASDAQ+1.21%▲
DOW JONES+0.63%▲
GOLD$3,450.20 +0.47%▲
OIL (BRENT)$84.32 -0.35%▼
NEW YORK09:30
LONDON14:30
TOKYO22:30
SINGAPORE21:30
policy11 min read·4 May 2026

The Deflationary Pressure of Aging Demographics

Looking toward 2050: what the Japanese model teaches the rest of the world.

Words by

Marco Rossi — Bocconi University

Japan is no longer an outlier; it is a preview.

The conventional inflationary framework assumes a roughly stable dependency ratio. That assumption is now wrong almost everywhere outside sub-Saharan Africa.

End of piece

Have a response? Write your own.

More from policy