That hefty figure shattered the previous mark of nearly three hundred thirty thousand, which was set just the year prior, and continued the downward trend seen over the past decade.

According to the Health Ministry, Japan's population now sits at roughly one hundred twenty-six million.

The 60% decrease in the number of foreign workers entering the East Asian nation over the past year has been largely blamed for the sharp drop in the population.

Even with the pandemic cutting jobs across many sectors, many companies and small businesses, including those in the hard-hit restaurant and hotel industries, have reported consistent labor shortages.

"Easing restrictions on immigration is a necessary first step in boosting the population, but the Japanese government also needs to address structural problems in the Japanese economy and society that keep young people from getting married and having children—even if they want to," John Person, an associate professor in the Department of East Asian Studies at University at Albany, State University of New York, told the National Interest.

"This includes tackling the issue of growing economic inequality and ensuring better access to affordable childcare."

The data shows that in the first seven months of 2020, the difference between the number of births and deaths was similar to what was seen the year prior, but foreign arrivals into the country plummeted considerably due to airport entry restrictions that aimed to limit further spread of the coronavirus.

Japan, though, is also still struggling to boost its low birth rates. The reported number of pregnancies fell 5.1 percent during the ten months through last October, the Health Ministry's data showed.