Japan FinMin Katayama: PM Takaichi Is Not a Reflationist

Katayama's framing matters less as a label dispute than as a signal on the policy mix: pairing an explicit nod to BOJ independence with a promise of bold, unhesitating yen action suggests Tokyo wants to separate fiscal stance from currency defense. Calling the yield rise global and temporary is the claim worth testing — if Japanese yields keep climbing, that characterization becomes harder to sustain and the independence line gets more scrutiny. The open question is whether the yen language translates into actual intervention.