The problem is that it stagnates the economy, which isn't so good for the Japanese game industry (if choosing to look at it from a narrow perspective). Reality is, people age 65 and up don't pay taxes and certainly aren't buying new videogames.
Japan went through a boom period in the 80's and early 90's, then went into a deep recession. They have largely been flat since then. It's not unlike what the US is going through now, where the Federal Reserve is keeping us from sinking further, yet the signs of economic growth are tepid at best. I have seen a number of indicators that show the US is mirroring Japan.
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