If Japan’s opposition Democratic party wins power this month, it intends to spend up to Y5,500bn a year on child allowances that it hopes will encourage couples to have more offspring. If the gambit works, it will be money well spent.

Population ageing and contraction are the most fundamental challenges facing the world’s second largest economy and the allowances – Y26,000 ($274, €192, £166) a month per child through middle school, usually to 15 – would be the boldest effort yet to offset daunting child-rearing costs.