Japan’s Takaichi U-Turns on Extra Budget After Mideast Shock

Japanese Prime Minister Sanae Takaichi called for an extra budget in response to rising commodity prices driven by the ongoing Middle East conflict, backtracking on her insistence that such a measure wasn’t necessary and helping spark fresh record highs in super-long bond yields.

“I asked Finance Minister Katayama last week to consider ways of funding including compiling a supplementary budget,” Takaichi said at a ruling coalition meeting held Monday.