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Working Paper

A Tale of Two Pension Reforms: A US-Japan Comparison

Elmer Huh and Sarah McLellan

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This paper tackles the vexing issue of corporate pension reform in the U.S. and Japan. Both countries are undergoing structural and demographic changes in their workforce and corporate governance, giving urgency to the problem of pension funding and solvency. Urgency has led to different responses at the political, corporate, and societal levels. Behind this, we find legacy institutions and norms peculiar to each country that are evolving under different economic realities.