This animated projection of their population pyramid shows the future quite neatly:
https://en.wikipedia.org/wiki/File:Population_pyramid_of_Jap...
Used on this page:
https://en.wikipedia.org/wiki/File:Population_pyramid_of_Jap...
Used on this page:
My suspicion is that the birth rate will actually trend lower...
That said there's no way the population will actually evolve like that...