Japanese Finance Minister Kayayama says can't comment on budget requests for fiscal 2027, adds will focus on key policies in FY27 budget to drive economic growth and will balance fiscal sustainability and economic growth and will communicate with market

• Have received various opinions on scheme for JGBs for retail investors.

Routine fiscal-season boilerplate from a Japanese finance minister, delivered as budget requests for the coming fiscal year are compiled ahead of the draft budget. The pairing of growth-focused spending with fiscal sustainability language, plus an explicit pledge to communicate with the market, is the standard formula Tokyo uses when JGB supply and the long end are sensitive to issuance expectations; past episodes of heavier supply talk have tended to steepen the curve and put upward pressure on super-long yields until the actual issuance plan clarifies the maturity mix. The reference to a retail JGB scheme fits a recurring effort to broaden the domestic investor base, which historically has been a marginal demand story rather than a market-moving one. The items that have actually repriced JGBs in comparable periods are the initial budget size, the planned JGB issuance calendar, and any shift in the split between maturities, alongside how the ministry's posture interacts with the Bank of Japan's purchase operations. Nothing in these remarks changes that calculus; the signal value is in the follow-ons, the request totals and the issuance plan, rather than the rhetoric.