The credibility gamble behind Takaichi’s fiscal populism

Japan has once again taken a familiar and inherently risky route: underwriting economic and political ambition through large-scale sovereign borrowing. In its latest supplementary budget, Tokyo authorized the issuance of roughly 18 trillion yen (US$117.5 billion) in new government bonds. For an economy of Japan’s scale, the figure may not appear extraordinary. Yet placed against
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