Like many of her deflation-minded peers, Moegi Sato adheres to a frugal lifestyle.

Instead of spending thousands of yen on a haircut, she gets it done for free using an app that connects her to aspiring hair stylists looking for hair models. She only buys clothes once every six months or so, and funds her shopping by selling her old clothes on flea market app Mercari.

The 25-year-old works part time at an internet cafe and an English-education nonprofit in central Tokyo. She lives in a ¥44,000 ($385) apartment on the outskirts of the capital with her boyfriend and splits the rent. They rarely dine out, cooking their own meals and experimenting with YouTube recipes.