Japan may face 11 million workers by 2040

Japan may face a shortage of more than 11 million workers by the year 2040, according to a study done by the nation's population, underscoring the economic challenges it faces as its population ages rapidly.

According to the study released Tuesday by independent think tank Recruit Works Institute, the working age population is expected to decline rapidly from 2027. The labor demand for workers is expected to shrink by 12% in 2040 from 2022, even though labor demand remains steady, according to the report.

Prime Minister Fumio Kishida made reversing Japan's declining birthrate a priority for his government, as he warns of a societal collapse as the number of babies born hits a new low. He has pledged about 1 trillion $7.6 billion for training workers for more high-skilled jobs in the next five years.

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