For the first time, people aged 80 and over topped 10% of Japan's population , according to latest government data.

In another record, those aged 65 and older accounted for 29.1% of the total population.

The country has the world's highest proportion of elderly people and has been grappling with a rapidly aging society, according to the World Economic Forum.

Italy and Finland rank second and third with those aged 65 and over accounting for 24.5% and 23.6% respectively.

Women make up 56.6 % of Japan's elderly population, numbering 20.51 million compared to men, who stood at 15.72 million.

Japan's population is shrinking faster than any other major economy in the world. The International Monetary Fund says this could cost one percent of GDP a year - over the next three decades.