Japan's population has shrunk for the 14th year in a row, with senior citizens accounting for the largest portion on record.

The internal affairs ministry on Monday released its population estimate as of October 1 last year.

The total population, including foreigners, stood at 123.8 million, down 0.44 percent from the previous year.

The number of Japanese nationals was 120.3 million. The figure posted the largest-ever decline of 0.74 percent.

Meanwhile, the number of foreigners hit a record high of 3.5 million.

People aged 65 or older make up 29.3 percent of the total population, marking a record high.

Those 75 or older account for 16.8 percent, also a record.

There were 13.8 million people aged 15 or younger, accounting for 11.2 percent of the population. That is the lowest on record.

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