There has been a great deal of hand-wringing in the media and government about Japan's population implosion. A breakdown in the pension system, soaring health-care costs, slower economic growth and a looming labor shortage are just a few of the dark clouds on the horizon.

But is a declining birthrate really so bad? It could mean more living space in the home, more teachers per student and more available jobs.

It could also mean more opportunities for women in a workplace that will become, by necessity, less dominated by men. And it may mean less competition and more time for the pursuit of happiness.