2025年10月7日，日本股市上演罕見的強勁暴漲行情。日經225指數在當日交易中一度飆升超過2000點，漲幅超過4%，創下近年來單日最大漲幅之一。投資者情緒高漲，東京證券交易所的交易量急劇放大，市場一片沸騰。這場突如其來的「股市狂潮」，與日本政壇的劇烈變動密切相關——因為自民黨內部幾乎確定，由前內閣官房長官、高市早苗（Sanae Takaichi）接任日本新任首相。

此次股市暴漲的核心原因，不僅是政治不確定性的減弱，更在於高市早苗明確主張「積極財政政策」與「防衛支出擴大」的方針。她在多次公開發言中強調，日本必須擺脫過去十多年「通縮思維」的束縛，透過大規模財政刺激與基建投資來振興經濟，同時強化國防能力，以應對中國與北韓的地緣政治壓力。投資人將這些政策視為日本經濟「重新啟動」的信號。

在高市早苗被傳出將正式接任首相後，日本金融市場立刻作出熱烈反應。外資機構與國內基金同時湧入買盤，特別是建設、能源、國防、半導體等與政府支出掛鉤的板塊漲勢凌厲。防衛工業股如三菱重工與川崎重工漲幅均超過10%，半導體龍頭東京電子與瑞薩電子亦強勢上攻。日元同時走弱至1美元兌152日元的關口，出口型企業獲益明顯，市場整體氛圍呈現樂觀。

分析人士指出，投資者押注高市早苗將延續甚至擴大寬鬆政策，這意味著日本可能會出現「政策轉向」——從岸田文雄時代的謹慎緊縮，走向「財政主導型成長」。這樣的政策組合有望刺激內需、推動企業投資，並短期內提升股市信心。尤其在全球經濟面臨放緩風險的背景下，日本若持續透過政府開支支撐經濟，有可能成為亞洲區的亮點市場。

另一方面，高市早苗的政治崛起也具有象徵意義。她是自民黨內少數堅定保守派代表人物之一，以強硬的國安立場、親美外交與對中國警惕著稱。她主張將防衛預算提高至GDP的2.5%，甚至不排除重新討論「核共享」議題。這種強硬姿態被部分日本媒體稱為「女版安倍經濟學與右翼戰略的結合體」。

然而，並非所有人都對此感到樂觀。部分經濟學家警告，若新政府在未明確控制財政風險的情況下大幅擴張開支，可能使日本的國債壓力進一步惡化。目前日本政府債務已超過GDP的260%，是全球最高水準。若通膨未受控、國際利率環境轉向緊縮，日本的債務結構可能面臨挑戰。

儘管如此，短期內市場顯然選擇了「樂觀解讀」。許多投資機構認為，高市內閣的政策方向清晰、執行力強，再加上她與央行之間的良好協調關係，意味著日本可能繼續維持寬鬆的貨幣環境，並以政府支出作為經濟引擎。外界普遍預期，在她上任後的首個月內，政府將公布新一輪財政刺激方案，規模或達30兆日圓以上。

這場政治與經濟的雙重變局，使得日本再度成為全球投資焦點。外資分析師形容，這次的日股暴漲不僅是市場對新首相的「蜜月行情」，更象徵投資者對「安倍式經濟復興2.0」的期待——一場希望能讓沉睡多年的日本經濟，再度甦醒的豪賭。

On October 7, 2025, Japan’s stock market experienced a historic surge, with the Nikkei 225 Index soaring by more than 2,000 points, a gain of over 4% in a single day—the largest intraday rise seen in recent years. Trading volume on the Tokyo Stock Exchange spiked sharply, and investor sentiment turned overwhelmingly bullish. The dramatic rally was closely tied to a major political shift: former Chief Cabinet Secretary Sanae Takaichi was widely reported to be on the verge of becoming Japan’s next prime minister.

Takaichi’s expected leadership ignited optimism in the markets due to her outspoken support for expansionary fiscal policies and increased defense spending. She has long criticized Japan’s entrenched “deflationary mindset,” calling instead for aggressive government investment in infrastructure, technology, and military modernization to strengthen the nation’s economy and security in the face of rising tensions with China and North Korea. Investors interpreted her stance as a signal of renewed economic stimulus and state-driven growth.

Following the reports of her imminent appointment, a wave of buying swept across the market. Both domestic funds and foreign investors poured into Japanese equities, particularly in construction, defense, energy, and semiconductor sectors—industries likely to benefit from larger public budgets. Defense contractors such as Mitsubishi Heavy Industries and Kawasaki Heavy Industries jumped over 10%, while chipmakers Tokyo Electron and Renesas Electronics also rallied strongly. Meanwhile, the yen weakened to around ¥152 per U.S. dollar, boosting exporter sentiment and fueling the rally further.

Market analysts noted that investors were betting on a continuation—or even an expansion—of Japan’s ultra-loose monetary and fiscal policies. This marks a potential policy shift away from the cautious stance of outgoing Prime Minister Fumio Kishida, toward what some describe as a “fiscal-led growth model.” Such an approach could invigorate domestic demand, spur private investment, and temporarily lift market confidence. In a global context of economic slowdown, Japan’s pro-stimulus direction may even position it as one of Asia’s most attractive markets.

Takaichi’s political rise also carries deep symbolic meaning. Known as a staunch conservative within the ruling Liberal Democratic Party (LDP), she combines a hardline national security agenda with strong pro-U.S. diplomacy and a skeptical attitude toward China. Her proposals include raising Japan’s defense budget to 2.5% of GDP and even reopening discussions about nuclear-sharing arrangements. Japanese media have described her as “a fusion of Abenomics and right-wing strategic realism,” often referring to her as a “female Abe.”

Still, not everyone shares the market’s enthusiasm. Economists have warned that large-scale fiscal expansion without debt control could worsen Japan’s already fragile public finances. The country’s government debt exceeds 260% of GDP, the highest in the world. Should inflation accelerate or global interest rates rise, Japan’s debt sustainability could come under serious strain.

For now, however, investors have chosen to focus on the positives. Market participants expect Takaichi’s administration to act swiftly, leveraging both fiscal stimulus and close coordination with the Bank of Japan to sustain liquidity and growth. Speculation is mounting that her government will soon unveil a new stimulus package worth over ¥30 trillion to kickstart the economy.

This confluence of political change and market optimism has turned Japan into the center of global financial attention once again. Many analysts see the stock surge not just as a “honeymoon rally” for the incoming prime minister, but as the beginning of what some call “Abenomics 2.0”—a renewed attempt to awaken Japan’s long-dormant economic potential through bold spending, easy money, and nationalist resolve.