TOKYO. Japan's population is expected to fall to 87 million by 2070, shrinking 30 percent from 2020, a government estimate showed on Wednesday.

According to projections released by the National Institute of Population and Social Security Research, those aged 65 and over are predicted to account for 38.7 percent of the total population, with 33.67 million in 2070 after peaking at 39.53 million in 2043, resulting in ballooning social security costs.

Foreign residents, including students and workers residing in Japan for more than three months, are set to comprise 10.8 percent of the population in 2070, hitting 9.39 million.

Despite the increasing influx of foreign nationals, the working-age population, or people aged 15 to 64, is forecast to decline sharply to 45.35 million in 2070, representing a 40-percent fall from 75.9 million in 2020.

The population, numbering 126.15 million as of 2020, is expected to fall under the 100 million threshold in 2056, and the number of births, which slipped below 800,000 in 2022, is likely to drop to below 500,000 in 2059, the institute added.

The health ministry's research body provides 50-year demographic forecasts approximately every five years based on public data such as censuses. The government will use the latest data to calculate the country's future pension payouts.