FOR MORE than a decade, Japan’s rapidly ageing population has only ever been seen as an insurmountable obstacle to future prosperity.

But that has suddenly changed and a thriving industry is growing up around an emerging phenomenon: old Japanese people are spending a lot of money on themselves.The 400 trillion yen (£7,600 billion) of assets held by the over-50s are finally being dipped into, spawning a booming “silver” travel industry, thousands of restaurants specifically tailored to elderly “ladies who lunch” and a host of entertainment outlets.

But analysts believe the most dependable investment in Japan is one that takes advantage of the huge sums being lavished on healthcare and nursing facilities. The race is on to find which companies are best placed to reap the rewards.

At the top of many investors’ list is Niichi Gakkan, a healthcare services conglomerate that has begun directing its management attentions to the lucrative business of home nursing care. That side of the business is growing especially fast in line with the nation-wide surge in working couples, and the inability, or unwillingness, of many married couples to look after their parents properly.

A recent poll by the Japanese cabinet office revealed that even the elderly have given up hoping for their children to look after them.

Niichi Gakkan was also quick to notice another yawning gap in the market. Japan’s elderly want to know they are getting proper value for their hard-saved cash, and are sticklers for proper certification for the carers who look after them.

The company has added a major profit stream to its portfolio by establishing itself early as the dominant force in nurse-care education. Sensing the vast employment opportunities created by the grey society, 110,000 people a year sign up to Niichi Gakkan’s 90,000 yen four-month course, and leave with the proper licences.

Other businesses that have spotted opportunities include the large electronics and machinery makers such as Matsushita and Omron that have brought out healthcare- related products to tap the home nursing market. Sales this year of do-it-yourself blood pressure gauges, pulse-checking bathroom scales and home oxygen dispensers have all far surpassed predictions.

On the grander scale, several companies are exploring the future market for upscale nursing homes that will remove Japan’s elderly from the country altogether. Thailand beachfront property, with its cheap land prices and labour, is looking like the favourite location.