PostThe bond market, unamused by the arithmetic, sent the 10-year JGB yield to 3.04% — its highest since 1996, double where …

The bond market, unamused by the arithmetic, sent the 10-year JGB yield to 3.04% — its highest since 1996, double where it sat a year ago — while the yen predictably weakened, because nothing strengthens a currency like a country announcing it will borrow more to spend more while taxing less. The pièce de résistance is the proposed solution: a "Japanese DOGE" to eliminate wasteful spending, which after heroic effort identified precisely three programs worth cutting. Officials, meanwhile, are so terrified of the bond market's reaction that they are actively denying the 3.5% target exists while quietly preparing to hit it.