Research on Pension Financial Innovation in the Context of the Silver Economy: Evidence from Japan

Against the backdrop of the accelerating global aging population, this paper takes the innovative practice of pension finance diversification in Japan as the research object, providing certain reference ideas for pension innovation in China. It explores the construction system of multi-level pensions in Japan in the era of silver economy. Research suggests that through the market-oriented operation of pensions and the expansion of the system, Japan has achieved an increase in the returns of public pensions and the activation of private savings, thus creating a new driving force for economic development. The diversification and innovation of pensions in Japan have a significant correlation with the risk preferences of the Japanese people. However, due to the large differences in the risk preferences of the people, there is an imbalance in the innovative coverage of pensions. Drawing on Japan's development experience in diversified pension innovation, China should form a more complete system in aspects such as tax incentives for the third pillar and technological innovation in pensions, fully draw on Japan's experience, and provide effective financial ideas for the sustainable development of China's pensions.