Japan's Population Faces Dramatic Decline

Tokyo (CNN) -- Japan's population will shrink by a staggering 30% by 2060, according to a new estimate by the country's government.

 The current population will shrink from the current level of 128 million to 86.74 million, as the graying nation's aging accelerates and the birthrate continues to stay low.

The Ministry of Health, Labor and Welfare's research organization released the data on Monday. The group, called the National Institute of Population and Social Security Research, provides a 50-year demographic forecast every five years.

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