Takaichi Sanae, Japan’s prime minister since October, positions herself as heir(继承人) to the late Abe Shinzo, the country’s longest-serving leader. Many expected her to revive his “Abenomics” agenda, with its “three arrows(三支箭（安倍经济学政策）)” of loose money, expansionary fiscal policy and structural reform. Two plans published this month instead signal a departure.(本月发布的两项计划却标志着一种背离。)
自去年10月起担任日本首相的高市早苗，将自己定位为已故的安倍晋三——日本任职时间最长的领导人——的继承人。许多人曾期待她重振安倍的“安倍经济学”议程，即“三支箭”：宽松货币、扩张性财政政策和结构性改革。然而，本月发布的两项计划却标志着一种背离。
Whereas Abenomics sought to relegate(使降级；把……归入) Japan’s deflationary decades to history, Sanaenomics aims to steel(使坚强；使准备好) Japan for geopolitical conflict. The honebuto, an annual economic blueprint, declares that Japan must keep pace with a global “Copernican revolution(哥白尼革命（范式转变）)” in industrial policy. A new growth-strategy paper calls for ¥120trn ($733bn, or 18% of last year’s GDP) in new public investment by 2040, to catalyse(催化；促进) ¥250trn in private capital. Cash is to be spread across 17 sectors and 62 products, from ships to chips. For good measure Ms Takaichi wants a cut in sales tax on food, too.
如果说安倍经济学试图将日本的通缩年代扫入历史，那么高市经济学则旨在让日本为地缘政治冲突做好准备。《骨太方针》——一份年度经济蓝图——宣称，日本必须跟上全球产业政策领域的“哥白尼革命”。一份新的增长战略文件呼吁，到2040年新增120万亿日元（合7330亿美元，占去年GDP的18%）的公共投资，以撬动250万亿日元的私人资本。资金将分布在17个行业和62种产品中，从船舶到芯片。此外，高市还希望降低食品消费税。
Of Abenomics’ three arrows, Sanaenomics keeps only one, fiscal stimulus. Though Ms Takaichi has pressed the Bank of Japan (BoJ) to keep interest rates low, it has raised them, from 0.5% when she took office to 1%. Political appetite(欲望；胃口) for structural reform, such as boosting immigration and improving corporate governance, has waned(减弱；衰退). Yet it is an odd time for big-bang spending(大规模支出（大爆炸式）). Japan no longer faces a demand shortfall(不足；缺口), as it did during the Abe years. Inflation has largely stayed above 2% since 2022, though it has dipped recently. The BoJ estimates that Japan has a positive “output gap(产出缺口)” of 0.5%, implying that the economy is running slightly hot.
在安倍经济学的三支箭中，高市经济学只保留了一支：财政刺激。尽管高市早苗曾施压日本央行（BoJ）维持低利率，但央行已将利率从她就职时的0.5%上调至1%。对结构性改革（如促进移民和改善公司治理）的政治意愿已经减弱。然而，现在并非推行大规模支出计划的合适时机。日本不再像安倍时代那样面临需求不足。自2022年以来，通胀率基本保持在2%以上，尽管近期有所回落。日本央行估计，日本存在0.5%的正“产出缺口”，这意味着经济略微过热。
