The Japanese Ministry of Finance announced recently that Prime Minister Takashi will unveil a plan to issue an additional 29.6 trillion yen in government bonds by 2026, just two months after taking office. This figure sounds a bit outrageous—roughly enough to buy half a Tesla Group.

Let's look at the data: Japan's debt-to-GDP ratio has already reached 264%, firmly ranking first in the world. What does this number represent? It means that for every 1 yen of Japan's economic output, there are 2.64 yen of debt behind it.

Interestingly, the Bank of Japan holds more than half of the government bonds itself. To put it metaphorically, it's like borrowing money from the left hand to the right hand—interest circulates within the system. It seems clever but also very risky.

On the economic front, deflation has become a thing of the past. The opposite problem now is that prices are rapidly catching up. The former negative interest rate policy has also bid farewell to the stage of history, and the Bank of Japan is gradually moving towards raising interest rates. As for the yen's depreciation? The market is already tired of it; traders even joke that the "Kuroda defense line" no longer exists.

In such an environment, what are smart money doing? Stockpiling gold and Bitcoin. To be honest, this is not unique to Japan—global capital is also positioning itself in safe-haven assets, and Japan is just following suit.

Overall, Japan's debt scale is indeed staggering, but with support from the central bank and domestic financial institutions, a collapse in the short term is unlikely. The real risk is more like a chronic disease—it may take ten or twenty years to fully erupt. Until then, let's sit back, enjoy the spectacle, and observe what the next act of this financial drama will be.