{"text":[[{"start":8.66,"text":"Japan’s Prime Minister Sanae Takaichi has retained her core economic team after a cabinet reshuffle, signalling to voters, bond markets and the Trump administration that she plans to press ahead with stimulatory government spending and tax cuts."}],[{"start":23.64,"text":"Takaichi’s first reshuffle since becoming prime minister last October was announced on Thursday on the eve of a pivotal Bank of Japan interest rate decision. The central bank’s policy board is expected to back a 0.25 percentage point increase on Friday, and may signal more rises to come."}],[{"start":40.58,"text":"In a move that analysts said was aimed at asserting confidence and continuity, Takaichi said she would retain finance minister Satsuki Katayama and fiscal policy minister Minoru Kiuchi. Both have been allies in recent months as markets have tested the prime minister’s resolve over her tax and spending plans."}],[{"start":58.54,"text":"The most prominent dismissal was internal affairs minister Yoshimasa Hayashi, a Liberal Democratic Party heavyweight who previously challenged Takaichi for leadership of Japan’s ruling party."}],[{"start":69.98,"text":"He is now likely to challenge Takaichi again in September 2027 in the next LDP presidential race, said David Boling, principal at Asia Group."}],[{"start":79.52,"text":"Takaichi has continued to enjoy historically high levels of popularity, which analysts attribute to public confidence that she will deal with persistent inflation, which has unsettled a country accustomed to decades of stagnant prices."}],[{"start":92.64,"text":"But Takaichi’s flagship proposals of massive government spending and cuts to the consumption tax on food have unnerved bond investors. She has also come under pressure from US Treasury secretary Scott Bessent, who has advocated for the BoJ to raise interest rates faster — which Takaichi in the past has opposed — and reconsider reflationary government spending."}],[{"start":114,"text":"Yields on Japan’s 10-year government bond are trading at a 30-year high of 3 per cent."}],[{"start":119.24,"text":"In a further effort to assert policy continuity, Takaichi retained Ryosei Akazawa as minister for economy, trade and industry. He has led negotiations with Washington over US President Donald Trump’s tariff policy."}],[{"start":133,"text":"Akazawa negotiated a deal under which automotive and other tariffs were lowered in exchange for a pledge of $550bn of Japanese investment in the US. Details of the investments and the choice of projects remain under discussion."}],[{"start":147.08,"text":"Takaichi also retained defence minister Shinjiro Koizumi, who is expected to play a prominent role as Japan considers more rapid expansion of defence spending in response to what the government has described as the most severe geopolitical environment since the second world war."}],[{"start":172.32,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789636725_4286.mp3"}