The Japan that the world admired during the 2019 Rugby World Cup is a model of social stability, resilience, and efficiency. But it carries important vulnerabilities, rooted in its ageing demography and a population shrinking by 500,000 a year, made much worse by a declining marriage rate and low fertility, both of which have their source in a combination of growing financial insecurity, severe gender inequality, and poor use of human capital. Over the three decades since its 1990 financial crisis it has seen a deep divide emerge in labour markets both for men and for women between the 60 per cent of ‘regular’ workers who benefit from training and security, and the 40 per cent of ‘non-regular’ workers who have a precarious, untrained, lowly paid existence. To overcome its vulnerabilities will require reforms to improve the use of the country’s superbly educated human capital, by reducing insecurity for both men and women, and by greatly narrowing the gender gap. An opportunity is presenting itself thanks to a big rise in female entry to university education during the 1990s and 2000s and to the emergence of a wide range of role models able to give inspiration and confidence to the next generation. Japan is already becoming a place with more female leaders in politics and even business, but that rise is from a very low base. If that process can be accelerated by both public policy and private action, Japan could achieve much greater social justice and sustainable prosperity in the decades to come.