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Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income. The paper also suggests that the impact of higher property income on consumption could be potentially large.

Consumption (Economics)--Japan. --- Japan--Economic policy. --- Wages--Japan. --- Labor --- Macroeconomics --- Consumer Economics: Empirical Analysis --- Macroeconomics: Consumption --- Saving --- Wealth --- Aggregate Factor Income Distribution --- Personal Income, Wealth, and Their Distributions --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Income --- Private consumption --- Disposable income --- Consumption --- Wages --- National accounts --- Economics --- National income --- Japan --- Consumption (Economics) --- Income economics