#比特币与黄金战争 $BTC $ETH $BNB

Japan's FY2026 budget has just been announced: total expenditures of 122 trillion yen, tax revenue of 83 trillion yen, with the gap filled by issuing an additional 29.6 trillion yen in new public debt. Prime Minister Kishida used an interesting phrase—"responsibly and actively borrowing," which sounds good but essentially means the government is pulling out a new credit card to keep itself afloat.

Japan's current predicament is quite typical: aging population, continuous decline in consumer demand, and stubborn deflation. The government's only move is to expand public investment to stimulate the economy, but this approach has long been overused. The problem is that if the national debt continues to grow and interest rates rise, the financial reckoning will become unavoidable.

In simple terms, it's a vicious cycle: if revenue isn't enough, borrow; the more you borrow, the greater the interest burden; once interest rates go up, the entire debt structure faces risks. Japan's dilemma also indirectly reflects a certain commonality among global economies—slowing growth, debt accumulation, and squeezed policy space.