高市早苗财政方针显露“安倍经济学”回潮迹象：长期平衡取代年度目标，支出导向抬头

Core Viewpoint - Japanese Prime Minister Sanae Takaichi announced a shift in fiscal policy, moving away from annual assessments of the primary fiscal surplus target, aiming for a balanced budget over several years instead [1][2] Group 1: Fiscal Policy Changes - Takaichi's comments suggest a commitment to increasing government spending, reminiscent of former Prime Minister Shinzo Abe's "Abenomics" approach, which dominated Japanese politics for nearly a decade [1] - The government aims to achieve nominal GDP growth exceeding Japan's national debt yield while reducing the debt-to-GDP ratio, although specific strategies to achieve these goals were not detailed [1][2] - Takaichi emphasized the need for a long-term perspective in financial management, shifting focus from achieving annual fiscal balance [2] Group 2: Economic Advisory Changes - Recent appointments to Takaichi's economic advisory group reflect a return to the loose monetary and fiscal policy stance associated with "Abenomics," including the inclusion of former Bank of Japan Governor Masaaki Shirakawa [5] - The newly formed Growth Strategy Committee includes inflation advocates and economists known for promoting expansionary policies, indicating a potential shift in economic strategy [5] Group 3: Market Reactions and Concerns - Takaichi's fiscal policy is described as "responsible" yet expansionary, avoiding direct criticism of the Bank of Japan's interest rate hikes, which may be a response to market concerns [6] - The scale of the economic stimulus package aimed at supporting the economy and households remains unspecified, but if it exceeds expectations, it could raise concerns about Japan's fiscal health and increase long-term bond yields [6] - Takaichi rejected accusations of "fiscal populism," asserting that her policies differ from irresponsible populist measures that rely on cash handouts for popularity [6]