Population trend delivers boost to firms

Advisers specializing in mergers and acquisitions for mostly family-run firms are enjoying a boom in Japan, as an aging, shrinking population brings in the boundaries on the country's small business landscape.

There are no industry-wide figures for deals between 500 million and 1 billion yen ($4.4-$8.8 million), but boutique advisers say they are benefiting as owners look to merge their businesses to cope with dwindling demand or as they reach retirement without a successor.

Japan's population, already the oldest among developed economies, is projected to shrink by a third by 2060.