Japan hit a record low for the eighth consecutive year in 2023

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The big picture: Japan's birthrate has hit a record low for the eighth consecutive year in 2023, with just 758,631 births recorded. Marriages also saw a historic low, with 489,281 unions, highlighting a deepening demographic crisis.

Why it matters: Chief Cabinet Secretary Hayashi has declared the situation a critical demographic challenge. With the young population expected to decline rapidly heading into the 2030s, the next six years are viewed as a critical window for reversing the trend.

By the numbers:

• Births in 2023: 758,631, the lowest ever recorded.

• Marriages in 2023: 489,281, the lowest post-war number.

Hayashi's warning: "We are at a critical juncture with no time to wait. The declining birthrate is a critical situation that requires immediate and significant action."

Government's response:

• Strategic focus: Based on the Children's Future Strategy, efforts will be made to increase the income of the younger generation, overhaul societal structure and awareness, and provide comprehensive support to all child-rearing generations.

• Wage increases: In response to economic barriers preventing young families from growing, the government will focus on increasing wages and strengthening the economic foundation for the youth.

• Support measures: Career-up subsidy grants for employers and employment support through Hello Work are aimed at promoting full-time employment among young people.

• Labor market reforms: The government commits to tripartite labor market reforms to ensure sustainable wage growth for the younger generation.

What's next: The government's comprehensive approach aims to address the multifaceted nature of Japan's demographic challenges. Hayashi emphasis on economic empowerment, societal change, and direct support for families, Japan seeks to navigate this critical juncture effectively. The success of these measures is crucial for reversing the declining birthrate trend and securing a vibrant future for the next generation.