日本债务260%引爆日元崩盘！高市早苗44个月豪赌要输光

Core Viewpoint - The article discusses the significant depreciation of the Japanese yen under the new Prime Minister, indicating that the economic policies being implemented are more about political survival than sound economic management [2][12]. Economic Policy - The economic strategy termed "Kishida Economics" involves excessive borrowing for stimulus and maintaining low interest rates, with Japan's debt reaching 260% of its GDP [4][9]. - The government continues to issue bonds, with the total amount reaching 21 trillion yen, while the central bank is pressured to maintain a zero interest rate and increase monetary easing [4][9]. Currency Depreciation - Following the election of Prime Minister Kishida, the yen depreciated by 5%, with the exchange rate against the US dollar hitting 155.37 and against the euro falling below 180, marking the weakest levels since the euro's inception [4][7]. - The depreciation of the yen is not benefiting exports as expected, with Japanese export orders declining for 44 consecutive months and manufacturing PMI dropping to 48.2, indicating a contraction [7][9]. Debt and Inflation - The yield on Japan's 10-year government bonds surged to 1.8%, the highest since the 2008 financial crisis, while the 40-year bond yield reached a historic peak of 3.747% [7]. - Core CPI in Japan has exceeded the 2% target for 36 months, leading to a situation where prices rise but wages do not, effectively eroding the purchasing power of the populace [10][12]. Political Implications - The article suggests that the current economic policies are driven by political interests, with the government prioritizing short-term performance metrics over long-term economic stability [10][12]. - The reliance on monetary expansion and debt accumulation is characterized as a dangerous gamble, with the potential for severe consequences if international capital withdraws or if public patience runs out [12][13].