Overhauling Japan’s pensions system

The Japanese pension system is in need of change. Given the size and sophistication of the country, Japan ranks a lowly 31 out of 37 on the Melbourne Mercer Global Pension Index (MMGPI), a gauge of how well a developed market's pension system is geared to meeting long-term needs. The urgency for pension reforms is highlighted in the country's demographic statistics and government budgets. People aged 65 and over make up 25% of Japan’s population and is projected to reach 33% by 20…