关键防线告急！日本国债现“崩盘”迹象，财长紧急喊话

Core Viewpoint - Japan's government bonds are facing a sell-off due to concerns over fiscal health and expectations of interest rate hikes, with the 10-year yield reaching its highest level since 2006, around 2% [2][3][8]. Group 1: Market Monitoring and Government Response - Finance Minister Shunichi Suzuki stated that the government is closely monitoring market trends to manage government bonds effectively, avoiding comments on specific yield levels [3][8]. - The rise in yields is attributed to increasing worries about Japan's fiscal health and expectations that the Bank of Japan will continue to raise interest rates [3][10]. Group 2: Fiscal Policy and Economic Stimulus - The Japanese government has abandoned its goal of achieving a balanced annual budget after debt repayment, raising investor concerns about fiscal stability [5][10]. - Prime Minister Fumio Kishida has prepared a supplementary budget for economic stimulus, including the issuance of 11.7 trillion yen (approximately 75 billion USD) in new bonds, marking the largest spending since the easing of pandemic restrictions [6][10]. - Despite the additional spending, the government has managed to keep the total bond issuance for the fiscal year below last year's levels [6][10]. Group 3: Interest Rate Expectations - The expectation of rising interest rates has contributed to the increase in bond yields, with Bank of Japan Governor Kazuo Ueda indicating that a rate hike will be considered in the upcoming meeting [6][10]. - Traders believe there is over an 80% chance that the Bank of Japan will raise rates at the next policy meeting on December 19 [6][10]. - The Japan Business Federation's chairman described the 2% yield level as a critical milestone, urging the government to maintain market confidence in Japan's fiscal situation [6][10].