There's more to it than just available capital though. A still-shrinking working-age population will have to look after a still-expanding retired population.

There's more to it than just available capital though. A still-shrinking working-age population will have to look after a still-expanding retired population. IIRC (no reference), Japanese pensioners on aggregate have lots of savings. However, they will surely be competing with one another for services rendered by the shrinking labor pool, so one would expect the costs of those services to rise, negating the effect of having lots of savings. I live in Japan now and, unsurprisingly, the retirement home business appears to be booming, especially in and around Tokyo. But even if there are lots of retirement homes, they will have to be staffed. By robots perhaps?