Japan’s long-running struggle with a weak yen has moved from trading desks into the heart of domestic politics. What was once treated as a technical issue for currency markets is now shaping election narratives, fiscal debates, and global investor sentiment. As concerns over Japan’s public finances intensify, markets are beginning to reassess the country’s creditworthiness, turning the yen into a barometer of confidence rather than just a tool of trade competitiveness. The latest political maneuvering in Tokyo has amplified these concerns. With elections looming, fiscal promises and policy messaging have collided with market realities. The result is a growing sense that Japan’s currency weakness is no longer just cyclical, but structural—and that realization is forcing both voters and investors to take a harder look at the country’s economic trajectory. ### The Yen as a Confidence Gauge, Not Just a Currency For decades, Japan benefited from a weak yen narrative that framed dep...