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Remaking RetirementDebt in an Aging Economy$
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Olivia Mitchell and Annamaria Lusardi

Print publication date: 2020

Print ISBN-13: 9780198867524

Published to Oxford Scholarship Online: November 2020

DOI: 10.1093/oso/9780198867524.001.0001

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Household Debt and Aging in Japan

Household Debt and Aging in Japan

(p.207) Chapter 11 Household Debt and Aging in Japan
Remaking Retirement

Charles Yuji Horioka

Yoko Niimi

Oxford University Press

This chapter analyzes the borrowing behavior of Japanese households compared to the other Group of Seven (G7) countries, and it also evaluates patterns by the age of the household head. In Japan, pre-retirees (age 50–59) do not carry high amounts of debt, and their financial health is satisfactory. By contrast, households with a head age 30–39 have taken on sharply more debt holdings in recent years, due partly to the fact that tax breaks for housing purchase, reforms in the housing loan market since the early 2000s, and expansionary monetary policy enabled Japanese households to purchase housing younger than previously. As a consequence, households have become more vulnerable to rising interest rates over time.

Keywords:   aging, borrowing, debt, housing, Japan, retirement

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