"Raising the age of retirement is necessary to solve growing administrative issues. We are preparing to submit a relevant bill soon," Suga said.

Japan began discussions on the increase of the age of retirement three years ago. A special commission proposed to raise the bar to 70 instead of the current 65, which would presumably help support economic growth despite rapidly aging population.

Currently, Japanese citizens have the right to retire at the age of 60, but the full pension payments are available only from the age of 65.