Japanese unemployment just hit a level that most Western states can only dream of.

The unemployment rate, made up of people both out of work and looking, slumped down to 3.1% in October. The rate for men is 3.4%, and the rate for women is 2.7%. That's the lowest in two decades.

By comparison, both UK and US unemployment are currently pretty low by post-crisis standards, but rates are still considerably higher than Japan's. In October, the UK's came in at 5.4%, and the US is at 5%.

It's popular to bash Japan's economy, particularly because of its lack of growth — but a significant part of that is down to the fact that it's an ageing and shrinking population. On a per-capita basis, people aren't worse off.

See more at:

Business Insider