[Dailyan = Reporter Jisoo Jeong] Woori Finance Research Institute, a subsidiary of Woori Financial Group, announced on the 18th that it has published a book titled “Japan’s Economic Transformation” to provide practical policy and strategic insights to the Korean economy facing demographic changes.
The book is based on over a year of research and interviews with Japanese institutions and stakeholders. It deeply analyzes the responses in the economic and financial sectors of Japan, a nation that has already experienced an aging society. The aim is to find solutions to the structural challenges facing the Korean economy by looking at Japan as “our future in advance.”
“Japan’s Economic Transformation” is composed of two parts and seven chapters, totaling 302 pages. Part 1, “The Land of the Elderly, Their Way of Living,” covers topics such as △ Chapter 1: The Paradigm Shift in Asset Management due to Aging △ Chapter 2: The Resurgent Japanese Economy △ Chapter 3: Corporate Culture Innovation Induced by Demographic Changes, examining changes in asset management and corporate culture due to demographic changes and the driving forces behind Japan’s economic revival.
Part 2, “The Changed Japan, Stagnant Korea,” discusses △ Chapter 4: The Lifeblood of the Japanese Economy, The Splendid Revival of Financial Firms △ Chapter 5: The Strength of Corporate Finance in Overcoming Long-Term Recession △ Chapter 6: The New Agenda Set by Japan, Transition Finance △ Chapter 7: The Digital Counterattack of Mega Banks. This part highlights how Japanese mega banks have succeeded in revival through global business expansion, the transformation of the real estate market centered on investment, and Japan’s efforts to seek new opportunities in transition finance.
Additionally, it includes a keynote speech as an appendix by Amaya Tomoko, former vice-minister of the Japan Financial Services Agency, delivered at the Woori Finance Research Institute (WFRI) conference last December on the topic “Characteristics of the Japanese Economy and Banks over the Past 30 Years.”
At the release, Woori Finance Research Institute’s Director Jung-Hoon Park mentioned, “‘Japan’s Economic Transformation’ is not merely a collection of Japanese cases but will serve as a compass providing answers that all economic entities in Korea should consider together.” He added, “I hope this book becomes the starting point for strategic discussions for sustainable growth in Korea’s economy and financial industry.”
Director Park further stated, “As the think tank of Woori Financial Group, Woori Finance Research Institute aims to continuously provide timely financial insights to aid the market and customers and contribute to the development of Korea’s financial industry.”
In related efforts, Woori Financial Group is developing specialized financial products and dedicated content for senior customers to prepare for the era of low birth rates and aging populations. They are also building an integrated senior service through collaboration among group companies like banks, securities, and asset management to discover and support new growth companies and expand into the global financial market.
Moreover, through the acquisition of Orient and ABL Life Insurance, the group plans to strengthen its role as a comprehensive financial group responding to demographic changes, such as aging. They aim to enhance the social safety net for the elderly by developing products and care and asset management services for the retired and provide improved welfare for families with trust products for insurance claim rights.