Japan experienced a demographic crisis in 2024, with its population declining by approximately 1 million people, marking the largest annual drop since government records began in 1968. The country’s population fell from 128 million in 2008 to 123.7 million in 2024. The number of deaths reached a record high of about 1.6 million, while births hit a historic low of 686,061, the lowest since records started in 1899. This resulted in nearly a million more deaths than births last year. Despite the population decline and millions of vacant homes, residential property prices, including in Tokyo, continue to rise. Additionally, the foreign population in Japan reached a record high as the Japanese population fell to its lowest level. The population has been declining for 16 consecutive years, exacerbating the demographic challenges faced by the country.