21.3万亿日元！日本出台疫情后最大经济刺激计划 全力应对通胀压力

Core Viewpoint - The Japanese government has approved its largest supplementary budget since the COVID-19 pandemic, amounting to 17.7 trillion yen (approximately 112 billion USD), aimed at addressing inflation and responding to voter demands, despite potential concerns regarding Japan's fiscal health [1][4]. Group 1: Stimulus Plan Details - The total scale of the stimulus plan reaches 21.3 trillion yen (approximately 135.4 billion USD), with a significant focus on price relief measures [1][4]. - Key components include 11.7 trillion yen allocated for price response, which involves direct cash subsidies to households and children, as well as support for local regions [4]. - Specific measures include 7,000 yen subsidies for gas and electricity bills per household, a one-time cash payment of 20,000 yen per child, and 2 trillion yen for local aid [4]. Group 2: Economic Impact and Inflation - The measures are expected to lower overall inflation indicators by an average of 0.7 percentage points between February and April of the following year [5]. - Japan's core consumer price index has remained above the Bank of Japan's 2% target for 43 consecutive months, marking the longest streak since 1992 [4]. Group 3: Defense and Crisis Management - The plan includes 1.7 trillion yen for enhancing national defense and diplomatic capabilities, with 1.1 trillion yen aimed at increasing defense spending to 2% of GDP [5]. - An additional 700 billion yen is reserved for emergency responses to natural disasters and other unexpected events [5]. Group 4: Debt and Fiscal Sustainability - Concerns over rising debt levels have led to increased yields on Japanese government bonds, with the potential for bond issuance to exceed last year's levels [6]. - The government anticipates that the total amount of new bond issuance this fiscal year will be lower than the previous year's 42.1 trillion yen, with a reduction of about 20% compared to last year [6][7]. Group 5: Economic Growth Projections - The stimulus plan is projected to contribute to an average annual GDP growth of approximately 1.4 percentage points over three years [7]. - The Japanese economy experienced its first contraction in six quarters during the July-September period, partly due to the impact of U.S. tariff policies [7].