10月日本核心消费价格指数（CPI）同比上升3.0%，物价涨幅继续扩大。其中，大米、鸡蛋等价格持续 上涨。日媒此前就表示日本今年将有超过2万种食品涨价。通胀高企下，日本民众生活负担加重。 从2024年夏季开始，受极端高温致大米歉收等因素影响，日本大米价格持续上涨。日本农林水产省本月 14日发布的统计数据显示，截至11月9日的一周，一袋5公斤装大米均价为4316日元、约合人民币198 元，刷新今年5月创下的纪录。有日本民众感叹，大米已经变成了"奢侈品"。 近期，日本首相高市早苗发表有关台湾问题和历史认知上的错误言论，罔顾法理和历史事实，一系列言 行危害地区稳定、祸及日本自身。一个连老百姓饭碗都端不稳的政府，却在国际舞台大放厥词、兴风作 浪。高市早苗不顾国内民生，还频频掀起外交闹剧，错误言行正把日本逼向"内外交困"的局面。 10月24日，日本首相高 市早苗在众议院全体会议上发表政策演讲后鞠躬。图源：央视新闻客户端 大米成了奢侈品 据央视网报道，日本总务省于11月21日公布了日本不断加剧的通胀情况。 日元和债券遭抛售 不仅米价上涨，受禽流感疫情和饲料涨价等因素影响，日本国内的鸡蛋等食材也越来越贵。日本总务省 21日 ...

Group 1 - The Japanese yen has been rapidly depreciating against the US dollar, causing significant concern from Japan's Finance Minister, who described the situation as "very one-sided and rapid" [1] - The depreciation of the yen is increasing the cost of imported goods, putting pressure on households and small businesses in Japan [1] - The Japanese government is closely monitoring the situation and may intervene based on a previously signed joint statement with the US if conditions worsen [1] Group 2 - Japan's latest inflation data shows that inflation is worsening, with the core Consumer Price Index (CPI) rising by 3.0% year-on-year in October, marking the 50th consecutive month of increase [3][5] - The government has approved a comprehensive economic strategy worth approximately 21.3 trillion yen (about 965.6 billion RMB), with the 2025 fiscal year supplementary budget expected to reach a record high [2] - Concerns are growing regarding Japan's fiscal health as increased tax revenues are insufficient to cover rising expenditures, leading to reliance on additional bond issuance [2] Group 3 - The Japanese economy has experienced a contraction, with the real GDP decreasing by 0.4% in Q3 2025, marking the first negative growth in six quarters [3] - The rising prices of essential goods, such as rice and eggs, are contributing to the financial strain on Japanese citizens, with rice prices up by 40.2% year-on-year [5] - The stock market has reacted negatively, with significant declines in indices such as the Nikkei 225, which fell by 2.40% on November 21 [5] Group 4 - The tourism and dining sectors in Japan are facing a sharp decline in revenue due to a significant number of Chinese tourists canceling their travel plans following advisories from the Chinese government [6] - The suspension of Japanese seafood imports by China has further impacted the fishing industry, which was previously seeing progress in exports [6]

Core Viewpoint - Japan is facing escalating inflation and economic challenges, prompting the government to implement a record-scale economic stimulus plan, which raises concerns about further deterioration of public finances [1][2][6]. Economic Measures - The Japanese government has approved a comprehensive economic strategy amounting to approximately 21.3 trillion yen (about 96.56 billion RMB), marking the highest general account expenditure for the supplementary budget since 2022 [2][4]. - The supplementary budget for the fiscal year 2025 is expected to reach around 17.7 trillion yen, reflecting a 27% increase compared to the previous year's budget [4]. Inflation and Consumer Impact - The core Consumer Price Index (CPI) in Japan rose by 3.0% year-on-year in October, continuing a trend of increasing prices for over 50 months, with significant price hikes in essential goods like rice (up 40.2%) and eggs (up 13.6%) [10][12][15]. - A survey indicated that over 99% of respondents felt the burden of rising prices, with 81.6% experiencing significant pressure [15]. Market Reactions - The Japanese stock market has experienced volatility, with the Nikkei 225 index dropping by 2.40% on November 21, reflecting market skepticism towards the government's economic policies [21]. - The depreciation of the yen has led to increased import prices, further exacerbating inflationary pressures [17]. Structural Economic Issues - Japan's economy is grappling with structural challenges, including high national debt, persistent inflation, and declining real wages, which contribute to weak domestic demand and market confidence [18][20]. - The government's economic measures are viewed as a temporary fix that does not address the underlying issues of fiscal health and productivity [20].

Group 1 - Japan's inflation problem is worsening, with the core consumer price index (CPI) rising by 3.0% year-on-year in October, marking a continuous increase for 50 months [16][18][24] - The Japanese government has approved a record economic stimulus package amounting to approximately 21.3 trillion yen (about 965.6 billion RMB), with the 2025 supplementary budget expected to reach 17.7 trillion yen, a 27% increase from the previous year [2][6] - Concerns about Japan's fiscal deterioration are growing, as the government relies on issuing additional national bonds to cover spending gaps, leading to market skepticism regarding the government's fiscal credibility [4][10][12] Group 2 - The Japanese economy has contracted for the first time in six quarters, with a 0.4% decrease in real GDP in Q3 2025, translating to an annualized decline of 1.8% [14] - The depreciation of the yen is exacerbating inflationary pressures, as it increases import prices, which in turn affects domestic prices [25][28] - The economic measures proposed by the government are seen as short-term solutions that do not address the underlying structural issues of the economy, such as high national debt and declining labor productivity [29][31]

Core Points - Japan's inflation problem is worsening, increasing the burden on citizens [2][12] - The government has announced a record economic stimulus package to boost the struggling economy, but concerns about fiscal deterioration are rising [2][4] - The depreciation of the yen is exacerbating inflationary pressures [18][20] Economic Measures - The Japanese government approved a comprehensive economic strategy worth approximately 21.3 trillion yen (about 96.56 billion RMB), with the 2025 supplementary budget reaching a new high since 2022 [2][4] - The 2025 fiscal year's supplementary budget is expected to be around 17.7 trillion yen, marking a 27% increase from the previous year's budget of 13.9 trillion yen [4] Market Reactions - There is growing skepticism among Tokyo citizens regarding the government's ability to effectively implement the budget, leading to a sell-off of the yen and Japanese bonds [6][8] - The market's lack of confidence in Prime Minister Sanna Takashi's administration has resulted in significant asset sell-offs [10][12] Inflation Data - The core Consumer Price Index (CPI) in Japan rose by 3.0% year-on-year in October, continuing a trend of rising prices for over 50 months [13][15] - Prices for rice have surged by 40.2% year-on-year, with eggs also seeing a 13.6% increase, contributing to the financial strain on households [15][17] Economic Challenges - Japan's economy has contracted for the first time in six quarters, with a 0.4% decrease in GDP in Q3 2025, reflecting ongoing economic struggles [12][10] - The country faces structural issues, including high national debt, persistent inflation, and declining real wages, which are undermining domestic demand and market confidence [20][22] Government's Economic Strategy - Analysts suggest that the government's economic measures may provide short-term relief but fail to address fundamental economic issues [22] - The strategy is criticized for being a "borrow new debt to pay old debt" approach, which does not contribute to fiscal health [22][23]

Group 1 - Fixed-income investors are monitoring Japan closely due to record-high yields on longer-dated bonds following significant political changes [1] - The ruling Liberal Democratic Party has appointed Sanae Takaichi as its new leader, potentially making her the first female prime minister of Japan [1] Group 2 - Takaichi is known for her growth-oriented policies, advocating for looser monetary policy, increased fiscal stimulus, and extensive structural reforms [2] - Concerns have been raised regarding Japan's debt sustainability due to Takaichi's proposed economic strategies [2]

Group 1 - The Japanese bond market is influenced by several factors according to the Minister of Finance, Kato Katsunobu [1] - There will be efforts to address market volatility and respond to market sentiments regarding Japanese bonds [1][2]

Group 1 - Foreign investors net purchased Japanese bonds amounting to 170.4 billion yen in the week of July 11, reversing from a previous net sell of 164.6 billion yen [1]

Group 1 - Foreign investment in Japanese bonds saw a net outflow of 164.6 billion yen for the week of July 4, a significant decrease from the previous week's inflow of 1,052.6 billion yen [1]

Core Insights - Foreign investors net purchased Japanese bonds amounting to 1,052.6 billion yen during the week of June 27, a significant increase from the previous value of -368.8 billion yen [1] Group 1 - The net buying of Japanese bonds by foreign investors indicates a positive shift in sentiment towards Japanese debt [1] - The previous week's negative figure suggests a reversal in investment trends, highlighting increased confidence among foreign investors [1]