Fiscal Newsflow to Watch From Now to Year-End

This report outlines the timeline of Japan's upcoming fiscal policy events under the Takaichi administration, focusing on energy subsidies, tax cuts, and defense spending increases.

Key Takeaways

• 1.The Takaichi administration is rolling out multiple fiscal measures that threaten Japan's primary balance and fiscal sustainability.
• 2.Key fiscal milestones include a June supplementary budget for energy (¥3 tn), July's 'Basic Policies', and a potential autumn supplementary budget.
• 3.A consumption tax cut is highly likely starting in April 2027 due to 2026 election pledges and upcoming 2027 LDP elections.

Table of Contents

• Newsflow That Will Provide Insight Into Future Fiscal Risk
• 1. Energy Price Control Measures
• 2. Roadmap on Growth Strategy
• 3. Basic Policies for Economic and Fiscal Management and Reform
• 4. Budget Requests for FY2027 Main Budget
• 5. Autumn Supplementary Budget
• 6. Revision of the Three National Security Documents

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