Will Sanae Takaichi Repeat the UK's "Truss Moment"?

Prominent fund manager Bill Campbell warns that joint U.S.-Japan currency market intervention is merely a "temporary band-aid." Japan's shift of its fiscal anchor from a deficit target to stabilizing the debt-to-GDP ratio, coupled with a plan to sharply cut the consumption tax from 8% to 1%, continues to accumulate fiscal risks. He draws a parallel to the UK's "Truss moment" in 2022, warning that policy missteps in an inflationary environment will face swifter market punishment, with risks spilling across markets.