国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Asia-Pacific Pulse

Behind diplomatic crisis, Japan's economic slide

By Dan Steinbock | chinadaily.com.cn | Updated: 2025-12-01 10:42
Share
Share - WeChat
This photo shows the Tokyo Tower and the city view in Tokyo, Japan, Nov 17, 2025. [Photo/Xinhua]

When Japan's new prime minister Sanae Takaichi took office, she pledged to focus on economic improvement. After her Taiwan comments, new missteps could prove costly to Japan, the region, even the world.

On October 21, Sanae Takaichi, the president of the ruling Liberal Democratic Party (LDP), was voted in as the 104th prime minister of Japan; the first woman selected for the nation's highest post.

Barely a month later, in her first parliamentary address, Takaichi, 64, stated that the Chinese mainland's "use of force on Taiwan" could constitute a "survival-threatening situation" for Japan, implying the possibility of Japan's armed intervention in the Taiwan Strait. That sparked a diplomatic crisis as Japan's relations with China plunged to lowest in years.

Yet, this crisis has been long in coming. Takaichi needs a geopolitical spat to steer attention away from Japan's secular economic challenges.

Political slide to hard right

Instead of a continued partnership with the centrist Komeito party, Takaichi launched her coalition with the center-right Nippon Ishin party. With the end of the 26-year coalition with Komeito, the LDP took a turn to hard right.

Initially, Takaichi's cabinet enjoyed some of the highest approval ratings (65 percent -85 percent) of any Japanese government in the last two decades, with strong support among young and middle-aged respondents. The Japanese see as the administration's national priority in tackling inflation (84 percent), economic stimulus (64 percent), social security (53 percent) and security (47 percent). Bread and butter issues supersede military issues by far.

Only a minority of Japanese (17 percent) approved of Hagiuda Koichi, who had previously been involved in a slush fund scandal, being appointed as executive acting secretary general. After Abe's assassination, ties between the LDP and Unification Church came under scrutiny and Hagiuda had intimate ties with the controversial Church.

Moreover, both Takaichi and Hagiuda are members of the Nippon Kaigi, Japan's largest far-right and ultranationalist non-governmental organization. It seeks to change the postwar Tokyo Tribunal's view of Japanese history, restore the divine status of Japan's emperor and undermine gender equality. It champions official visits to Japanese war criminals' Yasukuni Shrine and denies the forced prostitution of the "comfort women" in World War II.

Nippon Kaigi has a significant presence in the Japanese parliament and six prime ministers have been its members. The effective goal of Takachi is to mainstream Nippon Kaigi and cement a deeper military partnership with the US.

Structural economic woes

Last week, Japan's cabinet approved a $135 billion stimulus package to address rising living costs and boost economic growth by strategic investments in semiconductors and artificial intelligence.

For months, Takaichi had called for "responsible proactive fiscal policy." However, it is not clear how she plans to balance fiscal prudence with still more spending. In both absolute and relative terms, Japan holds the largest debt burden globally amounting close to $10 trillion; more than double the size of its economy.

The high debt-to-GDP ratio has not caused a collapse because much of the debt is held by domestic investors and interest rates remain low. While the ratio has been decreasing since the Covid-19 pandemic, Takaichi's stimulus policies could reverse the trend.

Furthermore, years of fiscal stimulus, social welfare spending, an aging and shrinking population, coupled with stagnation compound the debt burden.

Japan General Government Gross Debt to GDP (%) Source: Ministry of Finance, Japan

By increasing national debt, Takaichi's stimulus could lead to higher interest rates and a weaker yen. That would trigger inflation, which could erode the effectiveness of the stimulus, a loss of investor confidence, even capital flight, with negative global spillover effects.

The LDP's lingering contradiction

Early signs reflect rising unease in the Japanese markets. These worries are mirrored by rising Japanese government bond yields. Recently, the yield on benchmark 10-year JGBs hit 1.835 percent, the highest since summer 2008. Similarly, the yen briefly softened to 157.90 against the dollar amid fiscal fears and receding expectations for an imminent BOJ rate hike.

In the Japanese markets, these worries are mirrored by rising Japanese government bond yields. Recently, the yield on benchmark 10-year JGBs hit 1.835 percent, the highest since summer 2008. Similarly, the yen briefly softened to 157.90 against the dollar amid fiscal fears and receding expectations for an imminent BOJ rate hike.

US dollar / Japanese yen

Assuming erosion in fiscal and monetary credibility, yen depreciation is likely to foster rising prices. In that case, the effectiveness of the stimulus package could be undermined, which would compel Takaichi cabinet to demand more stimulus – which, in turn, would further penalize medium- to long-term economic and financial market stability.

This is the basic contradiction that the Abe cabinets managed to contain: the stated effort to achieve sound economic fundamentals versus the nagging need for continuous stimulus packages to revive the stagnant economy. Worse, Takaichi cabinet's starting point is more fragile, as evidenced by the weakening yen.

As the Takaichi cabinet has stressed the importance for policy coordination with the Bank of Japan (BOJ), the central bank may find it challenging to raise interest rates in December, even despite inflation at 3 percent in October. The "coordination" between the two could contribute to adverse pent-up effects in the coming months.

Rising inflation is the last thing Takaichi needs. It is the greatest concern of those who elected her.

Japan's inflation rate
Source: Ministry of Internal Affairs & Communications, Japan; author

Takaichi's ultraconservative profile

Born into a dual-income middle-class family, Takaichi grew of age in a very conservative home. Independent and enterprising, she studied in the university and worked in the US as a congressional fellow for Democratic congresswoman Pat Schroeder.

Upon return to Japan, she created a career and visibility as a presenter for TV Asahi starting her political career in the early 1990s. Though running as a liberal, she switched to the LDP after election.

By the early 2010s, Takaichi was championed by the LDP leader Shinzo Abe. To profile her patriotism, she often visited the war criminals' Yasukuni shrine. As a cabinet minister in 2011, she even allowed herself to be photographed with Kazunari Yamada, the leader of Japan's small neo-Nazi party.

By the mid-decade, she was seen as a promising new LDP leader. But it was only her third leadership bid that made her Japan's first female prime minister.
To Takaichi, American deterrence is vital to Japan's hard right. That's why she used her recent visit at the US Yokosuka Naval Base to vow to bring the US–Japan alliance into a "golden age."

Three scenarios

Today, Takaichi faces three major scenarios.

Measured de-escalation. In this scenario, she will seek to ease tensions through diplomatic dialogue. Japan is not just heavily reliant on Chinese tourism, seafood exports, and rare earth minerals. Beijing is Tokyo's largest trading partner. In 2024, China's share of Japan's total trade exceeded 20 percent, with 17.6 percent of Japan's exports and 22.5 percent of its imports going to or coming from China. De-escalation would help mitigate the current economic pain. This would likely be supported by the US, which advocates regional stability. Yet, de-escalation is not motivated by Takaichi's ideology, but by Japanese voters' bread-and-butter priorities.

Protracted instability. The current status quo will linger, marked by underlying tensions and occasional flare-ups, without a full resolution. China would continue its economic pressure, while Takaichi would seize the opportunity to legitimize increased defense spending and closer alignment with the US thus sparking the odds for further escalation in regional confrontation. As the spat broadens, Japan's GDP will take a prolonged hit while adverse spillover concerns surge in the markets.

Full-blown escalation. A more volatile scenario would mean a further breakdown of diplomatic ties and increased military posturing. Takaichi would take an even more decisive position on Taiwan and commit to military coordination with the US, thus crossing one redline after another. But as Ukraine and Gaza suggest, the Trump White House prefers to regionalize conflicts. Nonetheless, heightened risk of confrontation would cause Japan's GDP to plunge drastically, which would undermine the fiscal stimulus, alienate her voter constituencies, penalize business and investor confidence risking capital flight.

The next weeks are critical. China's decision to take the spat to the UN forces Takaichi on a diplomatic defense. But new missteps could accelerate both the geopolitical and economic slide.

Dr Dan Steinbock, an expert of the multipolar world, is the founder of Difference Group and has served at the India, China and America Institute (US), Shanghai Institute for International Studies (China) and the EU Center (Singapore). 

This is an abbreviated version of the original commentary published by China-US Focus on Nov 28, 2025.

The views don't necessarily reflect those of China Daily.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
黄色在线观看网站| 中文字幕二三区不卡| 免费成人小视频| 夜夜嗨一区二区| 欧美在线二区| 91精品成人| 成人精品视频| 美女少妇全过程你懂的久久| 成人午夜三级| 一区二区三区视频免费视频观看网站| 欧美啪啪网站| 日韩毛片网站| 台湾天天综合人成在线| 国精品产品一区| 巨胸喷奶水www久久久免费动漫| 日韩激情电影免费看| 大菠萝精品导航| 日韩电影免费看| 欧美magnet| 巨胸喷奶水www久久久免费动漫| 精品无人乱码一区二区三区| 日韩欧美一区二区三区在线观看 | 亚洲天堂国产| 欧美亚洲国产日本| 一区二区在线观看视频在线 | 美女的尿口免费视频| 成人3d漫画免费无遮挡软件| av电影免费| 三级黄色网址| 在线观看污网站| 日本在线视频1区| 国产裸舞福利在线视频合集| av电影在线网| 国产三级在线播放| 色婷婷av在线| 九色porny丨首页入口在线| 亚洲伊人av| 电影一区二区| 亚洲va欧美va人人爽成人影院| 成人看片黄a免费看视频| 亚洲精品一级二级三级| 欧美在线观看视频一区| 中文字幕人成人乱码| 在线精品在线| 日韩黄色一级片| 韩国精品久久久| 成人h动漫精品一区二| 久久看人人爽人人| 国产精品久久久久一区二区三区共| 国产精品日韩精品欧美在线| 亚洲综合色视频| 欧美日韩精品中文字幕| 欧美日韩在线三级| 精品国精品国产尤物美女| 亚洲免费av网址| 免费91在线视频| 欧美一级电影在线| 国产卡一卡二卡三| 先锋av资源网| 中文av在线播放| 欧美性天天影视| 少妇视频在线观看| 电影91久久久| 在线亚洲a色| 欧美日本一区| 麻豆传媒一区二区三区| 99国产麻豆精品| 国产精品成人网| 一本一本大道香蕉久在线精品 | 蜜臀av一区二区在线免费观看 | 国产精品2区| 亚洲国产国产| 激情综合久久| 国产主播一区二区三区| 国产午夜一区二区三区| 亚洲一区二区三区四区五区中文| 欧美性受xxxx| 日韩久久午夜影院| 欧美激情亚洲一区| 国产免费人人看| 99re6在线视频| 国产一区电影| 少妇淫片在线影院| 黑色丝袜福利片av久久| 你懂的国产精品永久在线| 琪琪一区二区三区| 久久香蕉国产线看观看99| 亚洲成人手机在线| 日韩一区二区在线看| 色悠悠久久88| 性18欧美另类| 97碰碰碰免费公开在线视频| av播放在线| 456成人影院在线观看| 网红女主播少妇精品视频| 欧美精品1区| 国产美女视频一区| 国产人伦精品一区二区| 色av成人天堂桃色av| 亚洲成人久久一区| 欧美激情精品久久久久久黑人| 国产激情自拍视频| 在线观看麻豆视频| 成人毛片老司机大片| 国模冰冰炮一区二区| 999在线精品| 欧美一区二区三区另类| 国产在线精品视频| 亚洲视频一区在线| 欧美精品xxxxbbbb| 六月丁香婷婷久久| 国产精品腿扒开做爽爽爽挤奶网站| 国产精品中文字幕日韩精品| 亚洲久草在线视频| 日韩三级.com| 久久久久久尹人网香蕉| 黄瓜视频18免费观看| 国产精品影院在线| 国产69精品久久久久按摩| 日韩久久视频| 国内精品视频666| 亚洲精品乱码久久久久久黑人 | 91国拍精品国产粉嫩亚洲一区| 国产麻豆一区二区三区精品视频| 日韩中文字幕一区二区三区| 国产亚洲精品中文字幕| 欧美性色黄大片手机版| 精品国内亚洲在观看18黄 | 国产精品多人| av网站免费线看精品| 欧美日韩视频免费播放| 国产一区二区三区精品久久久| 乱小说欧美综合| 一二三区在线| 欧美xxxx网站| 欧美777四色影| 99re成人精品视频| 精品视频在线视频| 久久97精品久久久久久久不卡 | 91黑丝在线| av白虎一区| av伊人久久| 国产成人精品免费看| 精品久久久久久久久久久| 一区二区在线视频播放| 午夜视频免费播放| 毛片网站在线免费观看| 久久久久观看| 久久99精品视频| 婷婷国产v国产偷v亚洲高清| 精品国产一区二区三区四区 | 国语自产精品视频在免费| 成人免费网址在线| av在线中出| 国产二区精品| 久久蜜臀中文字幕| 欧美成人官网二区| 欧美日韩一区二区三区在线播放 | 欧美日韩日本国产亚洲在线| 久久综合九色综合97婷婷| 欧美精品久久一区| 一区二区在线观看视频在线| 一级片免费在线观看| 国产精品日本一区二区不卡视频 | 调教视频vk| 松下纱荣子在线观看| 中文字幕乱码亚洲无线精品一区| 久久综合久久综合久久| 日韩精品中文字幕在线一区| 亚洲精品乱码久久久久久蜜桃动漫| 欧美色18zzzzxxxxx| youjizzjizz亚洲| 国精产品一区一区三区mba视频| 大伊人狠狠躁夜夜躁av一区 | 日韩电影免费观看| 欧洲乱码伦视频免费| 亚洲色图官网| av网站免费在线观看| 伊人春色之综合网| 成人sese在线| 欧美va亚洲va在线观看蝴蝶网| 九九热视频精品在线观看| 毛片在线播放a| 不卡一区2区| 久久久蜜桃精品| 日韩av一区在线观看| 免费在线视频你懂的| 岛国av在线网站| 国产精品多人| 亚洲小说欧美激情另类| 欧美xxxx18性欧美| 天海翼一区二区三区四区在线观看| 国产一精品一av一免费爽爽| 久久91精品国产91久久小草| 欧美三级视频在线观看| 亚洲国产精品区| 免费在线看黄| 天堂美国久久| 亚洲人成人一区二区在线观看| 日韩中文在线不卡| 女生裸体视频网站免费观看| 欧美精品三级在线| 国产宾馆实践打屁股91| 精品国产精品网麻豆系列 | jizz免费视频| 成人国产精选| 久久66热re国产| 91精品在线观看入口| 91最新网址| 电影一区二区三区| 三级影片在线观看欧美日韩一区二区 | 九九久久综合网站| 十九岁完整版在线观看好看云免费| 猫咪成人在线观看| 久久综合久久综合久久| 中文字幕不卡在线视频极品| 116美女写真午夜一级久久| 国产精品网在线观看| 97久久超碰精品国产| 亚洲欧洲国产精品| 美女做a视频| 人人精品亚洲| 国产无人区一区二区三区| 中文字幕在线国产精品| 中文字幕在线资源 | 亚洲精品男人| 欧美理论视频| 亚洲欧美视频在线观看视频| 久久久久久久999精品视频| 成年人视频免费在线观看| 婷婷亚洲综合| 亚洲福利视频一区二区| 男人天堂2017| 99在线视频影院| 丝袜美腿亚洲色图| 91精品国产一区二区三区 | 日韩午夜激情av| www.狠狠lu| 亚洲开心激情| 久久精品亚洲麻豆av一区二区| 精品国偷自产在线视频| jizz亚洲| 亚洲精选国产| 在线不卡的av| av高清在线观看| 91精品尤物| 国产精品无码永久免费888| 欧美黑人巨大xxx极品| 日本网站在线免费观看视频| 亚洲欧洲视频| 欧美精品久久久久久久多人混战| 嫩草黄色影院| 成功精品影院| 国产精品欧美久久久久无广告 | 日韩毛片网站| 国产日本精品| 欧美一区在线视频| 免费观看视频www| 亚洲日产av中文字幕| 亚洲免费观看高清在线观看| 亚洲第一成人在线视频| 日产福利视频在线观看| 国产精品99久久久久久有的能看| 亚洲男人的天堂在线| 青青草视频在线观看| 中文字幕一区二区三区欧美日韩 | 国产欧美日本| 欧美一区二区性放荡片| 高清一级毛片视频| 成人精品天堂一区二区三区| 天天色天天操综合| 污视频在线播放| 伊色综合久久之综合久久| 中文字幕乱码久久午夜不卡| 欧美性在线视频| 四虎4545www国产精品| 97久久精品人人做人人爽50路| 欧美黑人极品猛少妇色xxxxx| 欧美理论片在线播放| 国产一区美女在线| 神马国产精品影院av| 色视频在线免费观看| 丝袜诱惑制服诱惑色一区在线观看| 欧美精品一区二区久久婷婷 | 精品久久久av| 超碰在线免费播放| 看电视剧不卡顿的网站| 一区二区三区国产在线观看| 日本激情视频在线观看| 日韩av资源| 国产一区二区三区91| 欧美性高潮在线| www污网站在线观看| 视频精品在线观看| 色婷婷狠狠综合| 免费全黄无遮挡裸体毛片| 日韩免费久久| 欧美人妇做爰xxxⅹ性高电影| 啦啦啦在线视频免费观看高清中文| 国产精品久久观看| 日韩一级片在线观看| 亚洲一区二区三区精品中文字幕 | 欧美一区二区三区男人的天堂| 99热在线网站| 亚洲国产精品一区| 日韩精品中文字幕在线播放| 日本在线观看www| 精品一二线国产| 欧美老女人性视频| 欧美片第1页| 欧美国产国产综合| 国产精品99爱免费视频| 国产精品17p| 黑人巨大精品欧美一区二区免费| 18成年在线观看| 精品黄色一级片| 欧美区在线观看| 亚洲日本va中文字幕久久| 美女久久一区| 中文字幕国内精品| 老牛影视精品| 久久久91精品国产一区二区三区| 这里都是精品| 九色丨蝌蚪丨成人| 在线观看欧美日本| 白白色视频在线| 天堂va蜜桃一区二区三区| 久久九九全国免费精品观看| 成人av观看| 亚洲欧洲日韩av| 福利片在线播放| 国产精品精品| 日韩极品精品视频免费观看| yellow91字幕网在线| 97精品电影院| 欧美性受xxxx黑人爽| 亚洲黄色录像| 欧美一区二区三区视频| 成年人在线视频免费观看| 国产精品羞羞答答xxdd| 亚洲成人在线电影| 麻豆成人入口| 欧美一区二区三区成人| 中文字幕在线播放| caoporn国产一区二区| 欧美另类videos黑人极品| 自拍偷拍一区| 日韩一区二区在线免费观看| 色三级在线观看| 久久综合成人精品亚洲另类欧美| 欧美野外多人交3| 精品国产91| 亚洲国产精品大全| av2020不卡| 专区另类欧美日韩| 99re热在线观看| 先锋影音久久| 久久久久亚洲精品国产| 91精品国产高清| 欧洲大片精品免费永久看nba| 日韩欧美在线免费| 在线免费国产视频| 国产一区不卡视频| 亚洲欧美日韩色图| 成人精品影视| 亚洲久久久久久久久久| 亚洲人体影院| 午夜影院在线观看欧美| 最新天堂资源在线资源| 国产在线视频一区二区三区| 中文字幕乱在线伦视频中文字幕乱码在线| 欧美男男freegayvideosroom| 日韩欧美电影一区| 久草在线视频资源| 亚洲男帅同性gay1069| 捆绑紧缚一区二区三区在线观看| 久久精品国产99国产| www久久com| 日韩中文字幕高清在线观看| 亚洲欧美在线看| 成人精品动漫| 欧洲生活片亚洲生活在线观看| 成人三级黄色免费网站| 久久久亚洲国产美女国产盗摄 | 91久久精品无嫩草影院 | 美女网站一区二区| 推川ゆうり中文亚洲二区| 日韩精品影视| 自拍亚洲一区欧美另类| 激情综合五月| 欧美一区日本一区韩国一区| 成人免费一区二区三区牛牛| 亚洲综合久久久| 欧美在线观看在线观看| 91美女福利视频| 热99在线观看| 狠狠久久亚洲欧美| 国产又爽又黄视频| 亚洲经典在线| 国产69久久精品成人|