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We apply a modified gravity model to Japanese municipal-level migration and demographic data to examine the drivers of domestic migration. We focus on the human capital stock of municipalities, measured by the share of university graduates in the municipal population, and human capital related variable, identified as a shortage rate of nursery school capacity. Our results reveal the migration pattern from municipalities with low to high human capital stock or to better conditions. Moreover, the positive impact of human capital stock is larger for age groups active in the labor force. We discuss the implications of our empirical findings for sustainable regional development in aging societies with declining populations.