I watched a documentary that talked about Japan's own generation y/ early millennials as a lost generation. Basically, Japan has a college to work force pipeline system, but the economy crashed and a massive chunk of an entire generation couldn't find work directly after college. As it took years to correct the system this generation never got anywhere and got phased out of the system as the next crop of graduates came out and took the next group of jobs. That helped to kill birth rates for those 30 something year olds as well as they got left behind.