取消年度预算目标 日本财政政策转向

Core Viewpoint - Japan's new Prime Minister, Sanae Takaichi, plans to establish a multi-year fiscal target to allow for more flexible spending, signaling a shift away from strict fiscal discipline amid rising public debt and economic challenges [1][2] Group 1: Fiscal Policy Changes - Takaichi will abandon the annual primary balance surplus target, which previously aimed to measure fiscal health without relying on debt, in favor of a multi-year approach [1][2] - Japan's public debt is now twice its economic size, the highest among major economies, raising concerns about the financing costs due to the Bank of Japan's interest rate hikes and reduced government bond purchases [2] Group 2: Economic Stimulus Measures - The government is drafting an economic strategy focused on supporting local governments and small businesses affected by rising prices, with a potential budget exceeding 13.9 trillion yen (approximately 641.72 billion RMB) for the 2024 fiscal year [2][3] - Takaichi's economic strategy will prioritize living security, crisis management investments, and strengthening defense and diplomatic capabilities [2] Group 3: Market Reactions - Following Takaichi's announcement of stimulus policies, the Nikkei 225 index has seen significant gains, with U.S. capital inflows reaching the highest levels since "Abenomics" [4] - However, concerns have been raised about the overheating of Japanese tech stocks, which have outperformed U.S. tech giants in valuation without corresponding profit support, indicating potential market corrections [4][5]