Observations From Japan
Japan's Nikkei Average index peaked on 29 December 1989. Japan's birth rate appears to have peaked in around 1930-1940 when about 36.7% of the population was under 14 years of age (it has dropped to 13.5% in 2007). Those aged 15–64 peaked in about 1990-1995. This would appear to confirm the spending wave theory presuming a spending peak at around 50 years of age.
Read more about this topic: Spending Wave
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