Japan. Wanted: rational pension reform

The government is required by law to examine the long-term financial health of Japan’s public pension system every five years. In the latest review released last August, it was confirmed that in most of the scenarios considered, the income substitution rate — the ratio of pension payouts to the after-tax income of the working generation — will be maintained at 50 percent or more. Read also The 7 biggest fintech trends to watch in 2020 This means that retirees will...