ついに財務省の「聖域」が崩れる？／骨太の方針が認めた“成長で財政再建”｜村上尚己マーケットニュース

The Nikkei 225 index fell below the 70,000 mark in what was called an "AI market correction." However, only a few semiconductor and high-priced stocks collapsed; the Dow Jones and the equally weighted S&P 500 actually reached new record highs. The "foundation" of the US economy remains firm. Meanwhile, the Bank of Japan pushed through a June interest rate hike despite slowing inflation and growth falling below 1%. Naoki Murakami points out that this is "too hasty." Then, on June 27th, the draft of the basic policy guidelines shifted away from mechanically pursuing a primary balance surplus and focused on a stable decline in the debt-to-GDP ratio. "If interest rates are kept moderate, fiscal policy will not diverge" (Dorma condition) - has the Ministry of Finance's "sacred cow" begun to move? Economist Naoki Murakami offers his insights again this week. ▼This Week's Themes Nikkei at 70,000 is Not "True Strength" - AI Market Correction and "Index Distortion" (NT Ratio Over 17x) Only a Part Collapsed - The "Base" of US Stocks Reaches an All-Time High (Dow and S&P 500 Equally Weighted) Was the Bank of Japan's June Interest Rate Hike "Too Hasty"? - Price Slowdown, Real Growth Below 1% A Consumption Tax Cut Will Only Correct "Overcharging" - A Uniform Income Tax Cut Would Be Better Than Limiting It to Food The Basic Policy Guidelines Acknowledge "Fiscal Reconstruction Through Growth" - Not Mechanically Pursuing a Primary Balance Surplus (Doma Condition) ▼Cast Economist Naoki Murakami (Former Goldman Sachs) MC Hiroko Ohashi ▼Naoki Murakami Newsweek Column "A Professional Investor's Perspective" June 25th: "Both US and Japanese Central Banks are Leaning Towards Monetary Tightening: Which One Made a Policy Mistake?" https://www.newsweekjapan.jp/murakami/ 00:00 Opening 00:22 Nikkei Average Falls Below 70,000 Yen - Correction in the AI ​​Market and a Sharp Drop in South Korean Semiconductors 02:27 The Essence of the AI ​​Market - Only "Index Distortion" Collapsed 04:33 NT Ratio and "Nikkei Doesn't Reflect True Strength" - True Strength Can Be Seen in TOPIX 05:31 Which Made a Policy Mistake, Japan or the US? (Newsweek June 25th Column) 06:52 Is the Bank of Japan Looking at the Data? 08:42 Was the June Interest Rate Hike "Too Hasty"? 09:35 Stock Market Decline, Yen Depreciation, and the Reality of Corporate Performance (Only AI-Related Companies Are Doing Well) 10:35 Consumption Tax 8% → 1% Proposal - Yuko Obuchi's Resignation 11:32 Uniform Income Tax Cuts Rather Than Food-Specific Cuts 13:36 "Reversing Over-Taxes" - The Essence of Tax Cuts 15:46 What Hinders Autonomous Recovery - Only Tax Revenue and Corporate Profits Grew 16:47 Draft Basic Policy Guidelines - Don't Mechanically Pursue a Primary Balance Surplus 17:37 Maintaining Moderate Interest Rates Prevents Fiscal Divergence (Dorma Condition) 19:20 "Resistance, Not Criticism" - Politics That Cannot Be Spoken Through Data 21:28 The Bank of Japan: A Source of Concern ━━━━━━━━━━━━━━━━━━━━━━━━━ ★Books by Naoki Murakami, who appeared on this program★ 📚 "What's Wrong with a Weak Yen?" (Forest 2545 New Book 152, ASIN 4866808209) https://amzn.asia/d/0G5UO9w ━━━━━━━━━━━━━━━━━━━━━━━━━ 🏛 Upcoming Event July 26, 2026 (Sun) 14:00-17:50 National Salvation Think Tank Special Forum "For the People to Protect the Imperial Family" Venue: Akihabara TKP *For details and registration, please visit the official website. ━━━━━━━━━━━━━━━━━━━━━━━━━ ① Activities of the National Salvation Think Tank The National Salvation Think Tank is a think tank that conducts policy research for Japan to survive as a civilized nation on Earth. Support and donations are accepted via the official website. ▼ Recruiting members and supporting members for the National Salvation Think Tank https://kyuukoku.com/support/ ② Books related to the National Salvation Think Tank 📚 "Japan and the US will prosper under the Trump-Takaichi Alliance: The New World Vision of the Second Trump Administration" PHP Shinsho https://amzn.asia/d/fMVuu9R 📚 "The Constitutional Self-Defense Forces: The New Self-Defense Forces Law - An Organization That Can Fight Even with Article 9" Author: Kiyoshi Ogawa, Cooperation: Mitsuru Kurayama, Kenji Yokoyama https://www.amazon.co.jp/dp/4847076141 📚 "Why Does Mature Democracy Create Division? - The Pattern of Inequality and Division Spreading from America to the World" Subarusha 2019.12 Written by: Yuya Watase https://www.amazon.co.jp/dp/4799108352 📚 "Lower Taxes, Eliminate Regulations: A Prescription for the Revival of the Japanese Economy" Kobunsha Shinsho 2020.10 Written by: Yuya Watase 📚 National Salvation Think Tank Series "Leave US Alone: ​​Tax Cuts and Deregulation, the Canon of the American Conservative Revolution" https://amzn.asia/d/hqIYXNJ 📚 National Salvation Think Tank Series "Important Issues for National Salvation" https://amzn.asia/d/01rKxpYg ★ "The Quran Speaks" 350 yen per copy, sold at cost in units of 10 copies [email protected] ③ Official Websit...