惠誉分析师认为财政政策是日本信用评级的主要风险。惠誉评级（Fitch Ratings）的日本主权分析师周三表示，随着周日上议院选举前对激进支出和消费税削减的呼吁加剧，惠誉评级认为财政政策是日本信用评级的主要风险。

Fitch analyst sees fiscal policy as main risk to Japan's credit rating.Fitch Ratings sees fiscal policy as the main risk to Japan's credit rating, its Japan sovereign analyst said on Wednesday, as calls for aggressive spending and consumption tax cuts intensify ahead of Sunday's upper house election.

日经225指数微跌0.04%，收于39663点，而更广泛的东证指数周三下跌0.21%，收于2819点，因为投资者在日本即将举行的上议院选举前更加谨慎。市场仍对重大财政转变的可能性感到不安，包括政府可能降低或取消销售税的猜测。由于对借贷成本上升的担忧，这些举措推动了日本政府债券收益率的上升。在美国总统唐纳德·特朗普于8月1日前宣布可能对药品和半导体征收关税后，投资者继续关注不断演变的贸易紧张局势，这增加了不确定性。指数权重股领跌，Lasertec下跌5%，三丽鸥下跌2.9%，三菱UFJ下跌1.4%，迅销和丰田汽车均下跌0.9%。

The Nikkei 225 edged down 0.04% to close at 39,663, while the broader Topix fell 0.21% to 2,819 on Wednesday, as investor caution grew ahead of Japan’s upcoming Upper House election. Markets remain on edge over the potential for major fiscal shifts, including speculation that the government could reduce or abolish the sales tax. Such moves have fueled a rise in Japanese government bond yields, driven by concerns over increased borrowing costs. Adding to the uncertainty, investors continued to monitor evolving trade tensions after US President Donald Trump flagged possible tariffs on pharmaceuticals and semiconductors by August 1. Index heavyweights led the losses, with Lasertec tumbling 5%, Sanrio down 2.9%, Mitsubishi UFJ falling 1.4%, and both Fast Retailing and Toyota Motor declining 0.9%.

周三，日本10年期政府债券收益率攀升至1.6%，达到2008年底以来的最高水平，因为人们越来越期待在7月20日上议院选举前扩大财政支出。随着政策制定者采取行动支持经济增长，市场越来越重视新的刺激措施的可能性，包括潜在的消费税削减。尽管财政部缩减了超长期债券的发行，但收益率飙升，这表明短期利率面临强劲的上行压力。投资者也在等待即将公布的贸易和通胀数据，以了解美国关税威胁可能如何影响日本经济。此外，日本国债收益率追随美国国债收益率走高，此前最新的美国消费者通胀数据导致交易员下调了对美联储近期降息的预期。

Japan’s 10-year government bond yield climbed toward 1.6% on Wednesday, reaching its highest level since late 2008 amid growing expectations of expanded fiscal spending ahead of the Upper House election on July 20. Markets are increasingly pricing in the possibility of fresh stimulus measures, including a potential consumption tax cut, as policymakers move to support economic growth. The yield surge came despite the Ministry of Finance scaling back issuances of super-long bonds, indicating strong upward pressure on shorter-term rates. Investors are also awaiting upcoming trade and inflation data for signals on how US tariff threats may be affecting Japan’s economy. Additionally, Japanese yields tracked US Treasury yields higher after the latest US consumer inflation data led traders to dial back expectations for near-term Federal Reserve rate cuts.

周三，日元兑美元汇率跌至149日元兑1美元，为4月初以来的最低水平，此前通胀报告降低了对美联储即将降息的预期，美元走强。在国内方面，受半导体行业反弹的支撑，日本制造商的情绪在7月份略有改善。然而，对美国关税的潜在影响仍存在担忧。市场现在正将注意力转向日本即将公布的贸易和通胀数据，这可能会进一步了解关税威胁对当地的影响。与此同时，在7月20日上议院选举之前，人们对可能的财政刺激措施的预期正在增强。随着政策制定者旨在提振经济势头，人们对扩大政府支出的预期正在上升，围绕潜在的消费税削减的猜测也在增加。

The Japanese yen weakened toward 149 per dollar on Wednesday, its lowest level since early April, as the US dollar gained strength following an inflation report that reduced expectations for imminent Federal Reserve rate cuts. On the domestic front, sentiment among Japanese manufacturers improved slightly in July, supported by a rebound in the semiconductor sector. However, concerns linger over the potential impact of US tariffs. Markets are now turning attention to upcoming trade and inflation data from Japan, which may offer further insight into the local fallout from tariff threats. Meanwhile, anticipation is building around possible fiscal stimulus ahead of the Upper House election on July 20. Expectations are rising for expanded government spending, with speculation swirling around a potential consumption tax cut as policymakers aim to bolster economic momentum.