Japan's urban centers (Tokyo, Osaka) stabilized or grew due to internal migration until recently, but the underlying countryside is 'rattling empty' with closed grammar schools converted to sandwich shops staffed by elderly people — a pattern unsustainable without continued urban concentration and immigration.
factualpending
Speaker
Jeremy GranthamEvidence Quote
“We went on a bicycle tour there and we were fed sandwiches by older ladies uh in a grammar school that had closed...they were rattling empty everywhere”
Source
Jeremy Grantham on why this market will fall by 50% but nobody will warn you— Behind the Balance SheetCreated: 8/12/2026, 5:57:13 PM
My Notes
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