高市早苗拟推动日本财政大转向，施压央行放缓加息！

Core Viewpoint - Japan's Prime Minister Sanae Takaichi is advocating for a new multi-year fiscal target that allows for more flexible spending, effectively weakening Japan's previous commitment to fiscal consolidation [1][5] Group 1: Economic Policy Changes - Takaichi has called for the Bank of Japan to slow down interest rate hikes, despite indications that most policymakers prefer to resume monetary tightening soon [1] - The government is prioritizing economic growth measures over addressing worsening public finance issues, with Takaichi suggesting a potential reduction in the consumption tax [1][5] - The focus on expansionary policies may complicate the Bank of Japan's decision-making regarding interest rates, especially in light of uncertainties from U.S. tariff increases [1][3] Group 2: Fiscal Goals and Budgeting - Takaichi plans to abandon the annual primary budget surplus target in favor of a new multi-year fiscal goal, with instructions to the cabinet to start this process in January [5][6] - The primary budget surplus excludes new debt issuance and debt repayment costs, serving as a measure of funding support without relying on borrowing [7] - Analysts warn that the proposed spending plans could jeopardize Japan's goal of achieving a primary budget surplus by the fiscal years 2025-2026 [5][7] Group 3: Political Pressure on the Bank of Japan - The Bank of Japan is facing increasing political pressure, with a growing consensus among committee members for a potential interest rate hike in the upcoming December meeting [3][4] - There is uncertainty regarding whether the Bank of Japan can make necessary adjustments to avoid conflict with the new government [4]