Japan's ministries and departments have submitted record budget applications for the next fiscal year. At a time when the yield on the benchmark treasury bonds hit 3% for the first time in 30 years, this brought Prime Minister Takaichi Sanae's fiscal ambitions even more attention. According to media statistics on materials submitted by 18 provincial departments and agencies, the total amount of budget applications is about 143 trillion yen. Among them, the amount applied for by the Ministry of Economy, Trade and Industry was more than five times that of the same period last year, and provincial departments in charge of defense and social security also put forward record budget requirements. At a time when budget applications from various provincial departments have reached a new high, the market is waiting to know how much the Gao city government actually plans to spend and how it is preparing to finance these expenses. Concerns about Japan's fiscal outlook have always been a factor putting pressure on the bond market. The yield on the benchmark 10-year Japanese treasury bond rose to 3% on Tuesday, the first time since 1996. Japan's Minister for Growth Strategy Minoru Jonouchi tried to provide a background explanation for the record budget application that morning. He pointed out that Takaichi is reforming Japan's budgeting method. Traditionally, in addition to the initial budget for the year, Japan has relied heavily on additional budgets to increase spending. Minoru Jonouchi told reporters, “Since Prime Minister Takaichi Sanae proposed a policy to get rid of reliance on supplementary budgets, I think when comparing the 2027 budget application, it should be compared with the total size of the 2025 supplementary budget and the 2026 initial budget.”

Japan's ministries and departments have submitted record budget applications for the next fiscal year. At a time when the yield on the benchmark treasury bonds hit 3% for the first time in 30 years, this brought Prime Minister Takaichi Sanae's fiscal ambitions even more attention. According to media statistics on materials submitted by 18 provincial departments and agencies, the total amount of budget applications is about 143 trillion yen. Among them, the amount applied for by the Ministry of Economy, Trade and Industry was more than five times that of the same period last year, and provincial departments in charge of defense and social security also put forward record budget requirements. At a time when budget applications from various provincial departments have reached a new high, the market is waiting to know how much the Gao city government actually plans to spend and how it is preparing to finance these expenses. Concerns about Japan's fiscal outlook have always been a factor putting pressure on the bond market. The yield on the benchmark 10-year Japanese treasury bond rose to 3% on Tuesday, the first time since 1996. Japan's Minister for Growth Strategy Minoru Jonouchi tried to provide a background explanation for the record budget application that morning. He pointed out that Takaichi is reforming Japan's budgeting method. Traditionally, in addition to the initial budget for the year, Japan has relied heavily on additional budgets to increase spending. Minoru Jonouchi told reporters, “Since Prime Minister Takaichi Sanae proposed a policy to get rid of reliance on supplementary budgets, I think when comparing the 2027 budget application, it should be compared with the total size of the 2025 supplementary budget and the 2026 initial budget.”