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In this paper, I first present data on Japan's saving rate and discuss the reasons for the high level thereof and the determinants of trends over time therein. I then survey recent attempts to project future trends in Japan's saving rate and their impact on Japan's current account surplus. The various studies agree that Japan's saving rate will decline sharply in the coming years due to the rapid aging of her population and other factors and that her current account surplus will also decline (albeit less sharply than her saving will).