In a historic demographic shift, Japan has witnessed more than one in ten of its citizens crossing the age of 80 for the very first time.

National data now reveals that an astonishing 29.1% of Japan's total population, which stands at 125 million, is aged 65 or older - an unprecedented record.

This statistic solidifies Japan's status as the country with the world's oldest population, as measured by the proportion of individuals aged 65 and above.

Comparatively, Italy and Finland follow Japan as the countries with the second and third-highest proportions of elderly citizens, at 24.5% and 23.6%, respectively. This dramatic shift in demographics has been largely attributed to Japan's persistently low birth rates and the ongoing challenge of providing for its increasingly aged population.

Looking ahead, projections from the National Institute of Population and Social Security Research indicate that by the year 2040, Japan's population aged over 65 is expected to surge to 34.8%. Remarkably, Japan boasts one of the highest rates of elderly employment among major economies, with workers aged 65 or older constituting more than 13% of the national workforce.

Despite this, it has done little to alleviate the mounting strain on the country's social security expenditures.

Addressing this predicament, Japan has recently approved an unprecedented budget for the upcoming fiscal year, driven in part by the soaring costs of social security. Efforts to rejuvenate the nation's birth rates have struggled to gain traction, hampered by the high cost of living and the notoriously long working hours in the country.

Japan's birth rate, which plummeted to fewer than 800,000 babies born last year, represents the lowest number since 19th-century records began. In stark contrast, the 1970s witnessed over two million births annually.

In January, Prime Minister Fumio Kishida raised concerns that Japan is teetering on the edge of being unable to function as a society due to its declining birth rate. Nevertheless, authorities remain cautious about embracing migrant workers as a solution to the fertility crisis.

Japan's demographic challenge is not unique in Asia. In a parallel trend, China recorded its first population decline since 1961, while South Korea struggles with the lowest fertility rate worldwide.

This regional predicament underscores the broader societal and economic implications of aging populations in Asia.