Woori Finance Research Institute Publishes "Japan's Great Economic Transformation"

In-Depth Analysis of Japan's Response to Low Birth Rates and Aging Society

On June 18, Woori Financial Group announced that its think tank, Woori Finance Research Institute, has published a book titled "Japan's Great Economic Transformation," which provides in-depth analysis of the Japanese economy. The book aims to offer practical policy and strategic insights for the Korean economy, which is facing demographic changes.

This book is based on over a year of research and interviews with local Japanese institutions and stakeholders. It provides an in-depth analysis of how Japan, which has experienced an aging society ahead of Korea, has responded in the economic and financial sectors. The purpose is to seek solutions to the structural challenges facing the Korean economy by examining Japan, which is considered "our future in advance."

"Japan's Great Economic Transformation" consists of two parts, seven chapters, and totals 302 pages. The first part, "The Country of the Elderly: How They Live," covers topics such as Chapter 1: The Paradigm Shift in Asset Management Caused by Aging, Chapter 2: The Stirring Japanese Economy, and Chapter 3: Corporate Culture Innovation Driven by Demographic Change. This section examines changes in asset management and corporate culture resulting from demographic shifts, as well as the driving forces behind the revival of the Japanese economy.

The second part, "Japan Has Changed, Korea Has Stalled," includes Chapter 4: The Lifeblood of the Japanese Economy, The Spectacular Revival of Financial Companies, Chapter 5: The Power of Corporate Finance Overcoming Long-Term Recession, Chapter 6: Japan's New Agenda, Transition Finance, and Chapter 7: The Digital Counterattack of Mega Banks. This section highlights the revival of Japanese mega banks through global business expansion, the transformation of the real estate market into an investment-driven sector, and Japan's efforts to find new opportunities in transition finance.

Additionally, the book includes as an appendix the keynote speech delivered by former Vice Commissioner of the Financial Services Agency of Japan, Tomoko Amaya, at the Woori Finance Research Institute (WFRI) conference in December last year. The speech was titled "Characteristics of the Japanese Economy and Banks Over the Past 30 Years."

At the press event, Park Junghoon, head of the Woori Finance Research Institute, stated, "'Japan's Great Economic Transformation' is not simply a compilation of Japanese case studies, but will serve as a compass, presenting answers that all economic actors in Korea must consider together." He added, "I hope this book will serve as a starting point for strategic discussions on the sustainable growth of the Korean economy and financial industry."

Park also said, "As the think tank of Woori Financial Group, Woori Finance Research Institute will continue to provide timely financial insights to benefit customers and the market, and we hope to contribute, even in a small way, to the development of Korea's financial industry."

Meanwhile, Woori Financial Group is in the process of building an integrated senior service, including the development of financial products and exclusive content tailored to senior customers in response to the era of low birth rates and aging. The group is also making ongoing efforts to discover and support new growth companies and expand into global financial markets through collaboration among affiliates such as banking, securities, and asset management.

In addition, through the recent acquisition of Dongyang Life and ABL Life, the group plans to strengthen its role as a comprehensive financial group responding to demographic changes such as aging. By developing products for seniors and people with pre-existing conditions, and providing care and retirement asset management services, the group aims to supplement the social safety net for the elderly. The group also plans to contribute to the welfare of bereaved families through trust products for insurance claim rights.