Japanese PM Takaichi is set to reshuffle LDP executives on Wednesday ahead of a cabinet reshuffle on Thursday

What matters for markets is personnel, not process: the identities of the finance minister and the key economic portfolios determine whether fiscal and yen policy continuity is preserved, and LDP executive posts signal the PM's grip on the party and scope for supplementary spending or an early dissolution. Episodes of this kind have tended to reprice Japanese assets only when the reshuffle marks a shift in fiscal stance or a change in the finance ministry's leadership, since that is the channel into JGB supply expectations and currency intervention posture. The sequencing here, party posts first, cabinet second, is the standard order. The tells are who retains the finance and economic revitalisation briefs and whether heavyweight factional figures are accommodated or sidelined, which bears on the durability of the current policy mix.