Japanese Prime Minister Sanae Takaichi stated on Wednesday that Japan must adopt proactive fiscal spending rather than excessive fiscal austerity to drive economic growth and increase tax revenue. Takaichi said in a statement read at an economic policy discussion hosted by the Japan Business Federation, "When I say proactive fiscal policy, I mean strategically implementing fiscal stimulus. This does not mean we will expand spending recklessly." This statement comes as Japan's benchmark 10-year government bond yield reached an 18-year high on Wednesday, raising concerns that the Takaichi administration's large-scale spending plans could further deteriorate Japan's already severe fiscal situation.