试图支持民众消费，可能干扰市场稳定，“举债投资”给日本刺激计划添变数

Core Points - The Japanese government approved a comprehensive economic plan worth 21.3 trillion yen to support the economy and consumers affected by inflation, marking the largest stimulus since the pandemic [1][2] - The plan includes 17.7 trillion yen in general account spending, 2.7 trillion yen in tax cuts, and 900 billion yen in special account spending, with a significant focus on addressing rising inflation [1][3] - Inflation has exceeded the Bank of Japan's 2% target for 43 consecutive months, with real wages declining for over two years, making cost of living a primary concern for voters [2][5] Economic Measures - The plan allocates 2 trillion yen for local priority support subsidies, allowing local governments to determine the use of funds, including 400 billion yen for rice vouchers and shopping coupons [1][2] - An additional 500 billion yen is designated to subsidize residents' electricity and gas bills for the first three months of the following year [1] Debt and Market Concerns - The economic plan requires parliamentary approval and is expected to rely heavily on debt financing, with anticipated government bond issuance exceeding 6.69 trillion yen from the previous year [3][4] - Concerns about public debt expansion have intensified, with the 10-year government bond yield nearing 1.8%, the highest since 2008, and the 30-year yield surpassing 3.3% [3][4] Expert Opinions - Some economists argue that while large-scale fiscal stimulus is necessary to prevent economic stagnation, there are worries that injecting substantial funds into an already inflation-pressured market could exacerbate inflation [5][6] - Critics highlight that temporary measures like rice vouchers may not address the root causes of inflation and could delay necessary structural reforms [5][6]