"This all has dire economic effects. Low birth rates and out-migration patterns mean the country's population is predicted to fall from 127 million to 95 million by 2050, creating unparalleled demographic pressures. A shrinking, bargain-hunting, risk-averse population translates into a deflationary spiral, low wage growth, and decreased tax revenues. Japan's debt is now more than twice GDP, by far the highest rate of any industrialized nation. In a March piece entitled "Japan's Slow-Motion Crisis," Kenneth Rogoff, the former chief economist at the International Monetary Fund, wrote that Japan was "a poster child for economic stagnation," noting its "legendary" inefficiencies in agriculture, retail, and government. His conclusion: Japan's fiscal situation grows more alarming by the day. The stock market stands at a quarter of its 1989 high, and now Toyota's stock has fallen 20 percent since the recalls began."