高市积极财政和货币宽松撞上日元贬值之墙

Group 1 - The core viewpoint of the article highlights the challenges faced by Japan's Prime Minister, Kishi Sanae, in balancing aggressive fiscal policies with a loose monetary environment, which may exacerbate inflation risks due to the continuous depreciation of the yen since her election [2][4] - Kishi has expressed concerns about the current inflation being cost-push and has shown caution towards hasty interest rate hikes, indicating a respect for the independence of the Bank of Japan (BOJ) [4][6] - The upcoming cabinet meeting on November 21 is expected to finalize Kishi's first comprehensive economic measures, focusing on expanding support for food purchases and local delivery funds [4][6] Group 2 - The depreciation of the yen has been significant, with the exchange rate moving from 147 yen per dollar before Kishi's election to around 155 yen currently, raising concerns about rising import prices [2][4] - The market has reacted to the potential for delayed interest rate hikes due to fiscal expansion, leading to a sell-off of the yen and an increase in bond yields, with the 20-year government bond yield reaching 2.810%, the highest in 26 years [6] - There is a growing consensus within the government and the BOJ that if inflation accelerates further, interest rate hikes may become unavoidable, with market expectations for rate increases in December and January reaching 70% [6]