Japan’s "lost decades" are over, but a new era of volatility may have begun. As the Bank of Japan grapples with rising JGB yields and a weakening yen, PM Sanae Takaichi’s pivot toward fiscal loosening has sent ripples through global markets.

Is Japanese inflation now set to grow at a sustainable level, or another false dawn? And are fresh fiscal strains emerging that will upend domestic and international financial markets? This page collects our key analysis on a pivotal moment in Japan’s economic history and what it means for the road ahead.