#美联储回购协议计划 $BTC $ETH

When will Japan's finances turn around? 2026 may witness the first turning point in 28 years.

Just reports indicate that the Japanese government is targeting approximately 1.34 trillion yen in primary fiscal surpluses, which, if realized, would be the first since 1998. The cabinet approved an annual budget of 122.3 trillion yen, with Prime Minister Sanae Takashi stating that this money will be used to promote growth while maintaining fiscal health—a reassuring signal to the market, especially given longstanding concerns about Japan's debt pressure.

Here's the turning point: the 10-year government bond yield soared to its highest in 27 years. Japan's policy focus is gradually shifting—from merely plugging budget deficits to genuinely reducing the debt-to-GDP ratio. Against this backdrop, the role of crypto assets has gained a new positioning. The FY2026 tax reform outline explicitly states that crypto assets are now recognized as "financial products that contribute to the formation of national wealth." In other words, this is a step toward officially integrating crypto finance into the national wealth framework.

A new highlight on the tax side:

· Trading income from spot, derivatives, and ETFs is planned to be taxed separately (with relatively more favorable rates)
· Annual losses can be carried forward for up to 3 years
· Income from staking and lending remains in a gray area, and NFT transactions are not yet confirmed—may still be taxed under comprehensive taxation

The underlying logic is quite clear—Japan aims to stabilize its fiscal numbers while incorporating the emerging asset class of crypto finance into its long-term economic reform framework. Some call this process "fiscal restructuring and innovative asset development advancing in tandem."

What do you think? Can Japan leverage this combination to forge a more sustainable economic path? Feel free to share your thoughts.