By John Q. Hosedrinker 
President Lee Jae Myung and Prime Minister Shigeru Ishiba held a summit in Tokyo, agreeing to strengthen cooperation on shared challenges amidst global trade shifts, including launching an intergovernmental consultative body. They reaffirmed commitment to denuclearization of the Korean Peninsula and discussed strategies for future industries like AI. The leaders also pledged to increase youth exchanges through the working holiday program and issued a joint statement addressing North Korea’s activities, including its cyber activities and military ties with Russia. This meeting marks a significant step in bilateral relations, the first for a Korean president since the normalization of diplomatic relations in 1965, and builds upon their recent G7 summit talks.
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Korea, Japan agree to form a consultative body to address low birth rates and regional revitalization in a summit, a move that seems, on the surface, like a step in the right direction. However, from the perspective of someone watching these societal issues unfold, it raises many questions. The core issue, as it’s been so plainly put, boils down to this: children are expensive. It’s a simple statement, but it holds a profound truth that is difficult to ignore, a truth that’s often brushed aside in favor of more superficial solutions.
Financially, having children can feel like a gamble. The economic landscape has changed dramatically. The ability to comfortably raise a family often requires a top-tier income, and even then, the rug can be pulled out from under you with a job loss. It’s understandable that many people are hesitant to take such a risk in this environment, a far cry from the relative financial security of past generations.
Japan, in particular, seems to have a few layers of problems stacked on top of that. A gerontocracy of older politicians and bureaucrats seem to be disconnected from the realities facing younger generations. They propose ineffective incentives, and no one seems willing to challenge the status quo. This isn’t a problem with an easy solution, but it’s not a matter of being out of ideas. The issues of the world are the same, but the solutions are too few.
One of the key issues here is work culture. Japan and Korea, like many developed countries, face a significant challenge. The long working hours and the lack of work-life balance are at the core. The solution? A better work-life balance, where people have time for themselves, for their relationships, and for, well, starting a family. Many propose adopting a more balanced approach.
The underlying societal pressures, and the role of women in particular, also seem to be at play. If women are expected to choose between a career and motherhood, or if they face career stagnation and financial dependence on their husbands, the incentive to have children dwindles. Why would anyone choose motherhood if it meant professional setback and increased societal expectation?
Looking at this problem from a macroeconomic perspective, the solution seems to be centered on incentives, work-life balance, and affordable housing. The core issue is the cost of living and the lack of support for young families. A reduction in working hours, and an increase in income, especially with the number of children, can help. Adding government initiatives to facilitate housing, such as heavy regulation, can also help young people feel supported. The model of other nations could provide a solution.
Professor Claudia Goldin’s research into the gender pay gap highlights the issue of work-life balance and how women’s careers are often negatively impacted by motherhood. She’s found that the burden of household tasks disproportionately falls on women, especially in certain countries. Her work also highlights that cultures that foster fatherhood might see improved birth rates. In Japan, the path forward seems to be about valuing fatherhood, and encouraging a life beyond work.
A common theme seems to be the frustration with the slow pace of change. The issues are clear: a lack of financial stability, a work culture that prioritizes work over family, and the historical expectations placed on women. Many feel like governments aren’t truly addressing the root causes of the issue, despite recognizing there is a problem. The key is to recognize the importance of a life that’s worth passing on to the next generation.
Many also want to stress the importance of addressing the issues, as opposed to being just about work culture and long hours. Romance, sex, and relationships, as well as the underlying social norms must be taken into account, as they are factors in the problem that can be tackled.
The challenge of regional revitalization is intertwined with the low birth rate. Many developed areas have seen significant population decline as residents move to cities for work. Regional revitalization can include initiatives to encourage young people to move to, and start families in, these areas, potentially by making them more affordable and attractive places to live.
The discussions about solutions focus on addressing systemic issues like the cost of raising children, the lack of work-life balance, and the social pressures that discourage parenthood. It also highlights the importance of community support, like affordable housing, childcare, and even access to amenities.
It also seems to highlight the economic realities that people face, which often force them to prioritize financial stability over starting a family. High costs of living, stagnant wages, and insecure housing and employment make the decision to have children a daunting one. Governments need to address this insecurity and offer support to families.
The conversation also focuses on how there’s a systemic problem in our country. One aspect to focus on is immigration, as a way to help level out the aging crisis. Many are skeptical that this consultative body will bring about meaningful change, and some emphasize the need for more radical approaches. Some people are frustrated with the lack of progress.
The solutions aren’t that complicated. Less work, more pay, and better support for families would be a good start. A simple example of how corporations can combat this is a paid vacation policy that starts with a single week per child. There is a belief that many politicians and policymakers fail to understand the true nature of the problems and are unable to effectively address the underlying issues.