Core Insights - The recent surge in gold prices, with international gold reaching over $4200 per ounce and a year-to-date increase of nearly 50%, is primarily driven by strong market expectations for a Federal Reserve interest rate cut in December [1] - Domestic gold jewelry prices have also risen, with brands like Chow Tai Fook increasing their prices to 1313 yuan per gram, reflecting the overall upward trend in the gold market [1] Market Dynamics - The expectation of a 66% probability for a Federal Reserve rate cut is influencing investor behavior, as lower interest rates typically lead to increased demand for safe-haven assets like gold [1] - Additional factors contributing to the rise in gold prices include growing global economic uncertainty and heightened geopolitical risks, which further enhance the demand for gold as a safe-haven asset [1] Consumer vs. Investor Strategies - Consumers looking to purchase gold jewelry are encouraged to act decisively, as the primary function of jewelry is for adornment, and price fluctuations have minimal impact on its use value [2] - In contrast, investors considering gold bars should exercise caution due to the recent volatility in gold prices and the evolving interpretations of market regulations, suggesting a more measured approach is necessary [2] Rational Response - The current gold market presents both opportunities and challenges; consumers can take advantage of rising prices for jewelry, while investors should avoid impulsive decisions based on short-term price movements [3] - A rational analysis and long-term planning are essential for both consumers and investors to navigate the gold market effectively and capitalize on genuine opportunities without being swayed by market emotions [3]

Core Viewpoint - The recent fluctuations in gold prices are influenced by the potential end of the U.S. government shutdown, easing geopolitical tensions, tightening dollar liquidity, and profit-taking by long positions. Gold prices have rebounded as market expectations for a Federal Reserve rate cut in December increase, stabilizing investment demand [2][11]. Group 1: U.S. Government Shutdown and Dollar Liquidity - The U.S. government shutdown has led to significant selling pressure on gold, with COMEX gold futures dropping below $4000 per ounce, reaching a low of $3901.3 per ounce [2]. - The Federal Reserve's announcement to halt balance sheet reduction in December is expected to alleviate the low reserve issue in the U.S. banking system, where bank reserves fell below the "ample liquidity" threshold of $3.1 trillion, reaching $2.85 trillion by November 5 [3]. - The U.S. Congress passed a temporary funding bill on November 9, which is expected to end the government shutdown and reduce the fiscal liquidity siphoning effect [3]. Group 2: Economic Indicators and Rate Cut Expectations - Economic indicators suggest a slowdown, with October's job cuts reaching the highest level for that month in nearly 20 years, increasing by 175.3% year-over-year [5]. - October's inflation data showed a mild increase, with the CPI rising 0.3% month-over-month, which is below market expectations and previous months, reinforcing the market's anticipation of a Federal Reserve rate cut [5][6]. - The Supreme Court's ruling on IEEPA tariffs may exacerbate the U.S. debt issue, potentially forcing the Federal Reserve to consider rate cuts [5]. Group 3: Gold Market Dynamics - Central bank gold purchases are on the rise, with a reported 220 tons bought in Q3 2025, a 28% increase from the previous quarter, reversing earlier declines [7]. - Global gold demand reached a record high of 1313 tons in Q3 2025, with total demand valued at $146 billion, driven by significant inflows into gold ETFs, which saw a historic high of $26 billion [7][8]. - The SPDR gold ETF's holdings rebounded to 1042.06 tons by November 10, after a drop to 1036.05 tons in late October due to selling pressure [8]. Group 4: Market Outlook and Trading Strategies - The easing of dollar liquidity concerns and the potential for a Federal Reserve rate cut have shifted the macro narrative towards optimism, reducing the selling pressure on gold [11]. - Investors are advised to monitor COMEX gold options to hedge against increased volatility, with trading volumes reaching a historical high of 175,000 contracts [11].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals. In the short - term, precious metals are strengthening. London gold's resistance has moved up to 4200, and if broken, it may retest the previous high of 4380. Its support is at 4120. Silver has skyrocketed due to the slow transfer of the COMEX 2512 main contract, with a resistance level moved up to 54.5, support at 51, and strong support at 49.5 - 50 [5]. 3) Summary by Relevant Catalogs **Market Quotes Review** - On Wednesday, precious metal prices rose strongly due to the expected passage of the US temporary spending bill and the Fed's internal personnel adjustment favoring loose - money expectations. However, the possible absence of the US October CPI and non - farm payroll reports restricts the Fed's possibility of cutting interest rates at the December FOMC meeting. COMEX gold 2512 contract closed at $4201.4 per ounce, up 2.07%; COMEX silver 2512 contract closed at $53.23 per ounce, up 4.9%. SHFE gold 2512 main contract closed at 945.76 yuan per gram, up 0.16%; SHFE silver 2512 contract closed at 12073 yuan per kilogram, up 2.02% [2]. **Interest Rate Cut Expectations and Fund Holdings** - Interest rate cut expectations have slightly rebounded. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged on December 11 is 40.6%, and the probability of a 25 - basis - point cut is 59.4%. For January 29, the probability of keeping rates unchanged is 23.5%, a cumulative 25 - basis - point cut is 51.5%, and a cumulative 50 - basis - point cut is 25%. For March 19, the probability of unchanged rates is 13.4%, a cumulative 25 - basis - point cut is 39.4%, and a cumulative 50 - basis - point cut is 36.4%. SPDR Gold ETF holdings increased by 0.28 tons to 1046.64 tons, while iShares Silver ETF holdings remained at 15088.63 tons. SHFE silver inventory decreased by 8.8 tons to 583.1 tons, and SGX silver inventory decreased by 7.9 tons to 822.4 tons as of the week ending November 7 [3]. **This Week's Focus** - In terms of data, focus on the US CPI report on Thursday evening. Regarding events, on Friday at 01:15, 2025 FOMC voter and St. Louis Fed President Musalem will speak on monetary policy; at 01:20, 2026 FOMC voter and Cleveland Fed President Hammack will participate in a fireside chat; at 23:05, 2025 FOMC voter and Kansas City Fed President Schmid will speak on economic outlook and monetary policy. On Saturday at 03:30, 2026 FOMC voter and Dallas Fed President Logan will participate in a fireside chat [4]. **Price and Inventory Data Tables** - **Precious Metal Price Table**: It shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures, as well as the CME gold - silver ratio [6]. - **Inventory and Position Table**: It presents the latest values, daily changes, and daily change rates of SHFE, CME, and SGX gold and silver inventories, as well as SHFE and fund positions in gold and silver [16][18]. - **Stock - Bond - Commodity Summary Table**: It includes the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot, LmeS copper 03, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 - year US Treasury yield spread [21].

Monetary Policy Insights - The central bank maintains a stance of "appropriate monetary easing" and emphasizes the need for consistency in macro policies[1] - The report highlights the importance of "counter-cyclical and cross-cyclical adjustments" in monetary policy[5] - The weighted average interest rate for new loans in September was 3.24%, down 0.05 percentage points from June, with corporate loans at 3.14% and personal housing loans unchanged at 3.06%[6] Global Economic Concerns - The central bank expresses ongoing concerns about global economic growth, citing insufficient momentum and the impact of tariff policies on certain economies[2] - Geopolitical conflicts are identified as potential risks to economic and financial stability[2] - The report indicates a decrease in concerns regarding global inflation, with a noted divergence in inflation trends among major economies[4] Domestic Economic Outlook - The central bank is optimistic about domestic economic performance, citing strong production supply, released consumption potential, and proactive macro policies as key support factors[3] - The report stresses the need for a development model driven by domestic demand and consumption[3] - The central bank acknowledges the complex and uncertain environment for domestic development, urging confidence and strategic focus[3]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals [3]. - The potential end of the US government shutdown and the weakening labor market indicators have increased the market's expectation of a December interest rate cut, weakening the US dollar index and boosting copper prices. Meanwhile, the average price in the domestic spot market has risen, and the premium has slowed [12]. - For aluminum, funds are the core factor affecting prices. There is a contradiction between funds and the industry, and the upward trend of Shanghai aluminum depends on continuous fund inflows. For alumina, it is still in an oversupply situation [32]. - In November, due to intense competition for zinc ore in the smelting sector and a decrease in TC, the willingness to reduce or halt production has increased. If demand remains stable, there is a possibility of inventory reduction, and zinc prices are expected to have upward momentum [56]. - For the nickel industry chain, weak demand in the off - season suppresses the upward space. The price of nickel ore may remain strong in the short term, while nickel iron prices have been decreasing, and stainless steel faces pressure [72]. - For tin, supply is weaker than demand due to limited resumption of production in Wa State and a sharp decline in concentrate imports. Shanghai tin will maintain high - level volatility, but there is a risk of price decline [87]. - For lithium carbonate, it is currently in a state of being prone to rise but difficult to fall, maintaining a strong - side oscillation, but there is a risk of correction [103]. - For the silicon industry chain, the overall supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and they are expected to show wide - range oscillations [114]. Summary by Related Catalogs Precious Metals - Price trends: Presented data on SHFE and COMEX gold and silver futures prices, as well as price - to - ratio relationships [4][10]. - Price differences: Showed SHFE and SGX gold and silver futures - spot price differences [5][7]. - Correlation: Illustrated the relationship between gold and US Treasury real interest rates and the US dollar index [8][9]. - Fund positions: Displayed the positions of gold and silver long - term funds [10]. - Inventory: Showed SHFE and COMEX gold and silver inventories [11]. Copper - Futures data: Provided data on copper futures prices, including Shanghai and London copper, with details such as the latest price, daily change, and daily change rate [13]. - Spot data: Presented copper spot prices and premium data from different regions, as well as import profit and loss and processing fee data [17][23]. - Scrap price difference: Gave the difference between refined and scrap copper prices [27]. - Warehouse receipts: Showed the quantity and change of copper warehouse receipts in the Shanghai Futures Exchange and international markets [28][30]. Aluminum and Alumina - Price data: Provided price data for aluminum, alumina, and aluminum alloy futures, including the latest price, daily change, and daily change rate [34]. - Price difference: Showed the price differences between different contracts of aluminum, alumina, and aluminum alloy [36][38]. - Spot data: Presented aluminum spot prices, basis, and price differences in different regions, as well as alumina basis data [42][44]. - Inventory: Showed the inventory data of aluminum and alumina futures, including Shanghai and London inventory changes [50]. Zinc - Price data: Provided zinc futures price data, including Shanghai and LME zinc, with details such as the latest price, daily change, and daily change rate [57]. - Spot data: Presented zinc spot prices and premium data, as well as LME zinc premium data [65]. - Inventory: Showed the inventory data of zinc futures, including Shanghai and LME inventory changes [69]. Nickel Industry Chain - Price data: Provided price data for nickel and stainless steel futures, including the latest price, change, and change rate, as well as trading volume, open interest, and warehouse receipt data [73]. - Downstream profit: Showed the profit data of downstream products in the nickel industry chain, such as the profit rate of producing nickel sulfate and stainless steel [82][84]. Tin - Futures data: Provided tin futures price data, including Shanghai and LME tin, with details such as the latest price, daily change, and daily change rate [88]. - Spot data: Presented tin spot prices and premium data, as well as the price data of tin - related products [93]. - Inventory: Showed the inventory data of tin futures, including Shanghai and LME inventory changes [98]. Lithium Carbonate - Futures price: Provided the price data of lithium carbonate futures, including the latest price, daily change, and weekly change, as well as the price difference between different contracts [104][106]. - Spot data: Presented lithium spot prices, including the prices of different types of lithium products and their price differences [108]. - Inventory: Showed the inventory data of lithium carbonate, including exchange inventory, social inventory, and inventory in different sectors [112]. Silicon Industry Chain - Industrial silicon: Presented industrial silicon spot prices, basis, and price differences, as well as futures price data and price differences between different contracts [115][116]. - Polysilicon and related products: Showed the price data of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain [123][125]. - Production and inventory: Displayed the production, inventory, and cost data of industrial silicon and polysilicon, as well as the production capacity and output data of silicon wafers [130][134].

Report Investment Rating The document does not mention the industry investment rating. Core Views - The tone of the Q3 Monetary Policy Report is friendly. With economic pressure rising, interest rates may hit new lows under the expectation of monetary easing [3]. - The "opportunistic" constraint that has lasted for a year shows a weakening tendency, and the report adds a cross - cycle statement, aiming to keep social financing conditions relatively loose [3]. - The report does not mention the issue of fund idling and arbitrage, and the statement about funds is more optimistic. The DR007 central tendency may return to fluctuate around the 7 - day OMO policy rate [3]. - Emphasizing interest rate comparison, if the entity financing cost is to be reduced, bond market interest rates should also be lowered. This is beneficial for bonds [3]. - Future credit performance may be weak. The monetary policy framework continues to improve, and the intermediate target shifts from quantity - based to price - based [3]. - The central bank emphasizes the implementation of policy rates. Since May, the policy rate has been stable, but the long - term interest rate has adjusted. There may be room for long - term bonds to decline [3]. Summary by Directory 1. The "opportunistic" constraint that has lasted for a year shows a weakening tendency - The report deletes the statement about adjusting policy implementation based on economic and financial situations and replaces it with using various tools to keep social financing conditions relatively loose, adding a cross - cycle adjustment statement [6]. 2. The report does not mention the issue of fund idling and arbitrage, and the statement about funds is more optimistic - Deleting the prevention of fund idling and emphasizing relatively loose social financing conditions indicates a more optimistic tone for funds [8]. - The operation time of the repurchase tool is specified, and the DR007 central tendency may return to fluctuate around the 7 - day OMO policy rate [11][12]. 3. Emphasizing interest rate comparison, bond market interest rates should be lower - The requirement of not issuing loans with after - tax interest rates lower than the same - term treasury bond yields mainly restricts the lower limit of loan interest rates. LPR is difficult to cut alone, which is beneficial for bonds [17]. - If the entity financing cost is to be reduced, bond market interest rates should also be lowered [18]. 4. The intermediate target continues to adjust, shifting from quantity - based to price - based - The Q3 Monetary Policy Report highlights changes in the financial supply - side structure, and credit performance in October may be weak [19]. - The monetary policy will gradually淡化 the focus on quantity targets and shift to price - based regulation [21]. 5. Interest rates should fluctuate around the policy rate without significant deviation - Since May, the policy rate has been stable, but the long - term interest rate has adjusted. There may be room for long - term bonds to decline if economic pressure increases [23]. - The report emphasizes that short - term money market interest rates should fluctuate around the policy rate to ensure the effectiveness of interest rate transmission [23]. 7. Appendix: Comparison of the Q3 Monetary Policy Report - The Q3 report shows that the global economic growth momentum remains weak, and China's economy continues to make progress steadily. The GDP in the first three quarters increased by 5.2% year - on - year [28]. - The monetary policy will use various tools to keep social financing conditions relatively loose, and the focus on preventing fund idling is removed [28].

Group 1 - Gold prices have stabilized and are on an upward trend after a recent adjustment, supported by unsustainable high debt levels in major economies, strategic allocations by long-term investors, declining real interest rates, and increasing global risk events [1] - Ray Dalio, founder of Bridgewater, suggests that when debt exceeds repayment capacity, central banks often create significant amounts of money and credit, leading to high inflation and gold prices, advocating for gold as a fundamental currency [1] - UBS reports that gold's core positions are becoming more resilient, with central banks increasing gold purchases to diversify reserves and reduce reliance on the US dollar, alongside retail investors buying gold through ETFs, potentially driving prices higher [1] Group 2 - Recent gold price declines were attributed to profit-taking after a surge and unexpected easing of geopolitical tensions, but the recent rise in both gold and US stocks suggests that the previous correction was sufficient [2] - Despite the easing of significant risks like a US government shutdown, the frequency of geopolitical risk events remains high, which could continue to catalyze upward movement in gold prices [2] - Investors interested in gold exposure can consider gold ETFs (518800) or gold stock ETFs (517400) for potential opportunities [2]

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals, but in the short - term (November), there is no strong driving force, and the market is in an adjustment phase [3]. - **Copper**: The spot market's purchasing sentiment is high, and the average price of 1 electrolytic copper is 86,535 yuan/ton with an expanding premium. However, when the price breaks through 86,000 yuan/ton, downstream counter - offer willingness increases. Whether the copper price can break through the trading - intensive area remains to be seen [12]. - **Aluminum**: Funds are the core factor affecting aluminum prices. There is a contradiction between funds and the industry. For alumina, it is on an over - supply path despite some price increases due to environmental restrictions [33]. - **Zinc**: In November, the TC dropped significantly due to intense competition for mines and limited domestic mine increments. There is a possibility of inventory reduction, and low inventory supports the price. There is some upward driving force in November, and export and macro factors need to be monitored [58]. - **Nickel**: Weak demand in the off - season suppresses the upward space. The Philippines' nickel mine production and shipment are affected by the rainy season and typhoons, and the price may remain strong in the short - term. Nickel iron prices are falling, and stainless - steel demand needs attention [74]. - **Tin**: Supply is weaker than demand due to limited resumption in Wabang and reduced concentrate imports. The Shanghai tin price will maintain a high - level shock, with a predicted support at around 276,000 yuan. There is a risk of price decline due to potential inventory accumulation [89]. - **Lithium Carbonate**: The supply increment is stable, and demand is strong in November. The market sentiment is positive. Technically, it is easy to rise and difficult to fall, maintaining a shock - upward trend [104]. - **Silicon**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and both are expected to have wide - range fluctuations. Attention should be paid to market sentiment and policies [116]. 3. Summary by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend, short - term adjustment in November [3]. - **Price Data**: SHFE gold and silver futures prices, COMEX gold and silver prices, and their ratios are presented in the report [4]. - **Spread Data**: SHFE and SGX gold and silver futures - spot spreads are shown [5][7]. - **Inventory Data**: SHFE and COMEX gold and silver inventories are provided [11]. Copper - **Spot Market**: High purchasing sentiment, average 1 electrolytic copper price at 86,535 yuan/ton, and expanding premium [12]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are given. For example, the latest price of Shanghai copper's main contract is 86,630 yuan/ton, with a daily increase of 0.17% [13]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented [19][21]. - **Import and Processing**: Copper import profit is - 585.37 yuan/ton, and copper concentrate TC is - 42 dollars/ton [24]. - **Scrap - to - Refined Spread**: The current refined - scrap spread (tax - included) is 3,393.51 yuan/ton, with a daily increase of 13.58% [28]. - **Warehouse Receipts and Inventory**: Shanghai copper's total warehouse receipts are 42,964 tons, a decrease of 1.88% [29]. Aluminum - **Aluminum**: Funds drive the price, but there is a contradiction with the industry. Domestic supply is stable, and demand is weak [33]. - **Alumina**: Some price increases due to environmental restrictions, but overall in an over - supply situation [33]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum futures, alumina futures, and aluminum alloy futures are provided [35]. - **Spread Data**: Various spreads between different contracts of aluminum and alumina are presented [37][39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international aluminum spot prices and premiums are given [43]. - **Inventory Data**: Shanghai and London aluminum warehouse receipts and inventories, as well as alumina warehouse receipts, are reported [52]. Zinc - **Market Outlook**: TC dropped in November, and there is a possibility of inventory reduction. Low inventory supports the price, and there is upward driving force [58]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided [59]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international zinc spot prices and premiums are presented [67]. - **Inventory Data**: Shanghai and London zinc warehouse receipts and inventories are reported [71]. Nickel - **Market Situation**: Weak demand in the off - season, affected by macro factors. Nickel mine prices may be strong, and nickel iron and stainless - steel demand need attention [74]. - **Price and Volume Data**: The latest prices, trading volumes, open interests, and warehouse receipt numbers of Shanghai and London nickel futures, as well as stainless - steel futures, are given [75]. Tin - **Market Outlook**: Supply is weaker than demand, and the price will maintain a high - level shock. There is a risk of price decline due to potential inventory accumulation [89]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided [90]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot products are presented [95]. - **Inventory Data**: Shanghai tin's warehouse receipts and London tin's inventory are reported [99]. Lithium Carbonate - **Market Outlook**: Supply is stable, demand is strong, and it is in a shock - upward trend [104]. - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures contracts are given [105]. - **Spot Data**: The latest prices, daily changes, and weekly changes of various lithium - related spot products, as well as their price differences, are presented [110]. - **Inventory Data**: The latest numbers, daily and weekly changes of Guangzhou Futures Exchange's lithium carbonate warehouse receipts and various social inventories are reported [114]. Silicon - **Market Outlook**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, with wide - range fluctuations expected [116]. - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon spot and futures are provided [116]. - **Industry Chain Price**: The prices of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain are presented [123][124][125]. - **Production and Inventory**: The weekly production, inventory, and cost data of industrial silicon in Xinjiang and Yunnan, as well as the polysilicon inventory, are reported [130][134][143].

Core Insights - The Federal Reserve's decision to end quantitative tightening (QT) has sparked discussions about a potential policy shift, but it should not be equated with the start of a new easing cycle [1][2] - The Fed will stop reducing its Treasury holdings but will continue to let approximately $15 billion of mortgage-backed securities (MBS) mature each month, replacing them with short-term Treasury bills [1][3] - This operation is characterized as an asset swap rather than an increase in reserves, focusing on changing the composition of the balance sheet rather than expanding its size [1][4] Summary by Sections End of QT vs. Restart of QE - The current Fed operation is fundamentally different from quantitative easing (QE), which aims to inject liquidity into the financial system through large asset purchases [2][4] - The Fed's plan involves an internal adjustment of its asset portfolio, with no increase in bank reserves, making it a misunderstanding to interpret this as a restart of QE [2][3] Future Balance Sheet Expansion - Future expansion of the Fed's balance sheet is expected only in extreme situations, such as a severe recession or financial crisis, primarily to hedge against cash demand [3][4] - The Fed may begin purchasing Treasury bonds to maintain stable reserve levels, potentially increasing its buying by $10 billion to $15 billion monthly to match cash growth [3][4] Focus on Treasury Issuance Strategy - The key focus for asset markets should shift from the Fed to the U.S. Treasury, which plays a crucial role in determining how much duration risk the market needs to absorb [5][14] - The Treasury's recent strategy has leaned towards increasing short-term bond issuance, and the Fed's purchase of short-term Treasuries may facilitate this, depending on the Treasury's final decisions [5][14]

Core Viewpoint - Japanese Prime Minister Sanae Takaichi announced a shift in fiscal policy, moving away from annual assessments of the primary fiscal surplus target, aiming for a balanced budget over several years instead [1][2] Group 1: Fiscal Policy Changes - Takaichi's comments suggest a commitment to increasing government spending, reminiscent of former Prime Minister Shinzo Abe's "Abenomics" approach, which dominated Japanese politics for nearly a decade [1] - The government aims to achieve nominal GDP growth exceeding Japan's national debt yield while reducing the debt-to-GDP ratio, although specific strategies to achieve these goals were not detailed [1][2] - Takaichi emphasized the need for a long-term perspective in financial management, shifting focus from achieving annual fiscal balance [2] Group 2: Economic Advisory Changes - Recent appointments to Takaichi's economic advisory group reflect a return to the loose monetary and fiscal policy stance associated with "Abenomics," including the inclusion of former Bank of Japan Governor Masaaki Shirakawa [5] - The newly formed Growth Strategy Committee includes inflation advocates and economists known for promoting expansionary policies, indicating a potential shift in economic strategy [5] Group 3: Market Reactions and Concerns - Takaichi's fiscal policy is described as "responsible" yet expansionary, avoiding direct criticism of the Bank of Japan's interest rate hikes, which may be a response to market concerns [6] - The scale of the economic stimulus package aimed at supporting the economy and households remains unspecified, but if it exceeds expectations, it could raise concerns about Japan's fiscal health and increase long-term bond yields [6] - Takaichi rejected accusations of "fiscal populism," asserting that her policies differ from irresponsible populist measures that rely on cash handouts for popularity [6]