The crossover point of fertility rates between Japan and South Korea occurred in 2005 (when South Korea's fertility rate first fell below Japan's), while the crossover point between China and Japan occurred in 2020.

It is important to note that Japan has always been a laggard in terms of fertility rates.

The continued convergence of fertility rates results in:

South Koreans view working in second-tier cities or non-chaebol jobs as being a loser, and this group of people thinks, "Wouldn't it be better if I just disappeared?" There will be a shortage of labor, and wages will further increase. The size of South Korea as a country will shrink.

Currently, China seems to be racing down the same path as South Korea, just 15 years late. Unless there is proactive intervention, South Korea is the future.

What’s the solution?

It still comes down to boosting domestic demand.

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