宝盛集团：美日协议加剧财政风险 日债市场承压

Core Viewpoint - The agreement between the US and Japan is expected to increase fiscal risks for Japan, leading to pressure on the Japanese bond market [1] Group 1: Market Reactions - Japanese stock market has risen due to the US-Japan trade agreement, while the bond market perceives increased fiscal risks [1] - The Japanese government has committed to invest $550 billion in the US, which may negatively impact Japan's credit and drag down the yen and the economy [1] Group 2: Government and Fiscal Policy - The weakening of the ruling coalition may lead to compromises with opposition parties, potentially resulting in a reduction of the consumption tax and increased cash handouts [1] - Demand for 40-year Japanese government bonds at this week's auction reached the lowest level since 2011, indicating market avoidance due to fiscal risks [1] Group 3: Economic Implications - Prolonged high yields could increase the financing costs for the Japanese government amid ongoing economic uncertainty [1]