刺激计划成“毒药”？高市早苗遭遇股债汇三杀风险，市场屏息以待

Core Viewpoint - The upcoming stimulus plan from the Japanese government is causing market anxiety, potentially ending the market rally initiated by Prime Minister Sanna Takashi's election. Concerns over fiscal health are leading to a significant sell-off in Japanese assets, including bonds and the yen, with the Nikkei 225 index experiencing its largest drop since April [2][3]. Market Reactions - The Japanese yen has fallen to its lowest level against the dollar since January, trading around 157 yen per dollar, with a critical threshold at 158.87 yen that could mark a new low since July of the previous year [3]. - The Nikkei 225 index has reversed all gains made since Takashi's election, reflecting investor disappointment and market volatility [2]. Fiscal Policy Concerns - There are fears that Takashi's spending plans could worsen Japan's fiscal health, leading to a sell-off across asset classes. The anticipated stimulus package is expected to exceed the previous administration's 13.9 trillion yen, with some lawmakers pushing for an additional 25 trillion yen budget [6][8]. - Analysts express skepticism about the necessity of such a large stimulus, warning of a potential "triple whammy" where stocks, bonds, and the yen could all decline simultaneously [8]. Investor Sentiment - Investor sentiment has shifted from initial optimism regarding Takashi's policies to concerns about potential policy missteps, leading to increased volatility in the markets [6][9]. - Some investors believe that if the stimulus is implemented effectively, it could eventually support Japanese assets and lead to a rebound in the yen, especially if economic conditions improve [9].