日本新财年预算规模再创新高 专家警告财政风险

Core Viewpoint - The Japanese government has approved a record-high budget for the fiscal year 2026, raising concerns among markets, media, and experts regarding the sustainability of its fiscal policies [1]. Group 1: Budget Overview - The budget for fiscal year 2026 is set at 122.3 trillion yen, significantly higher than the 115.2 trillion yen budget for fiscal year 2025 [1]. - Debt servicing costs have also reached a new high of 31.3 trillion yen, up from 28.2 trillion yen in the previous fiscal year [1]. - To cover the fiscal deficit, the government plans to issue new bonds amounting to 29.6 trillion yen [1]. Group 2: Social Security and Demographics - The social security budget for fiscal year 2026 has reached a record 39.1 trillion yen, driven by rising costs associated with an aging population, including healthcare, nursing, and pensions [1]. Group 3: Debt and Market Reactions - Japan's government debt now accounts for 240% of its GDP, raising investor concerns about the deteriorating fiscal situation [1]. - Since the appointment of Prime Minister Fumio Kishida, long-term Japanese government bonds have faced significant selling pressure, with new 10-year bond yields reaching a 27-year high [1]. - Criticism of the government's fiscal policies has intensified, with experts warning against the potential risks of continued expansive fiscal measures [1].