为财政刺激计划融资，日本拟增发逾11.5万亿日元新债

Core Viewpoint - The Japanese government plans to issue at least 11.5 trillion yen (approximately 735 billion USD) in new bonds to fund a new economic stimulus package, which is expected to be approved in an upcoming cabinet meeting [1][5]. Group 1: Economic Stimulus and Budget - The supplementary budget for this fiscal year is projected to be 17.7 trillion yen, aimed at funding a total economic stimulus package of 21.3 trillion yen, marking the largest fiscal stimulus since the easing of pandemic restrictions [5]. - Japan's tax revenue is expected to reach a record 80.7 trillion yen by the end of the fiscal year 2026, driven by rising wages and inflation, which has increased personal income and consumption tax revenues [5]. - Despite record tax revenues, the government still needs to significantly increase borrowing to cover high stimulus expenditures, indicating a challenging balance between fulfilling stimulus commitments and maintaining fiscal responsibility [5]. Group 2: Market Reactions and Fiscal Concerns - Investors are concerned about Japan's long-term fiscal health, as the country's debt exceeds twice its GDP, leading to a sell-off of the yen and Japanese government bonds [2][6]. - Long-term government bond yields have reached their highest levels in over two decades, reflecting market pricing of future supply increases and fiscal risks [6]. - The Prime Minister has indicated that the total bond issuance for this fiscal year will be lower than the previous year's 42.1 trillion yen, attempting to reassure market sentiments while emphasizing the importance of "responsible and proactive public finance" [6].