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Annuity Markets in Japan
Junichi Sakamoto
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Abstract
In Japan, annuities are not currently very popular as a means to finance retirement, since many people rely on government social security benefits in old age. When annuities are sold, they tend not to be life payouts but rather term-certain products. In this sense, the annuity puzzle also applies to Japan. This chapter discusses possible reasons for the unpopularity of annuity products, including costs and inequitable taxation that hinders people from buying them.