Tokyo ( CNN ) -- Japan 's population will shrink by a staggering 30 % by 2060 , according to a new estimate by the country 's government . The current population will shrink from the current level of 128 million to 86.74 million , as the graying nation 's aging accelerates and the birthrate continues to stay low . The Ministry of Health , Labor and Welfare 's research organization released the data on Monday . The group , called the National Institute of Population and Social Security Research , provides a 50-year demographic forecast every five years . The institute also projects that people age 65 and older will account for 39.9 % of the total population in 2060 . In 2010 , the elderly accounted for 23 % of the population . The country 's average life expectancy dipped in 2011 after the March earthquake and tsunami , which killed approximately 19,000 people . But the institute expects the upward trend for life expectancy to continue . By 2060 , the government projects women will live until 90.93 years and men 84.19 years . The fertility rate , which is currently at 1.39 per woman , will continue to fall , says the institute . The rate by 2060 is expected to fall to 1.35 in 2060 . The country 's population decline would slow if the birth rate rose to 2.07 .
A new study predicts Japan 's population will be at about 80 million by 2060 . That 's down dramatically from Japan 's current 128 million people . People born and up will total nearly 40 % of Japan 's population in 2060 , the study says .