El aumento en los gastos de consumo de Japón antes del estímulo económico y sus implicaciones para los mercados de acciones y materias primas

Japan's economy entered the final quarter of 2025 in a state of fragile equilibrium, with consumer spending trends revealing both resilience and vulnerability ahead of Prime Minister Sanae Takaichi's landmark ¥21.3 trillion fiscal stimulus package. The timing of this stimulus-approved by the Cabinet on November 21, 2025-aligns with a critical juncture in domestic demand, where October 2025 data showed a 3% year-on-year decline in household outlays, driven by cuts in transport and housing spending. Yet, this dip followed a 1.8% year-on-year increase in September 2025, suggesting a volatile but not entirely eroded consumer base. For investors, the interplay between these pre-stimulus trends and the sectoral allocations within Takaichi's package offers a roadmap to assess equity and commodity market readiness.

Pre-Stimulus Consumer Spending: A Tale of Two Months

The OECD Economic Outlook for 2025 highlighted a paradox: while private consumption remained resilient due to wage gains and real income increases, headline inflation of 3.0% in October 2025 eroded purchasing power, particularly for discretionary spending. This duality is evident in the data: final domestic household consumption grew 1.3% year-on-year in Q4 2025, yet food price inflation-led by a 49.1% surge in rice prices-placed significant strain on household budgets. The government's optimism about sustaining this growth into 2026 hinges on the assumption that the stimulus will offset these pressures.

The timing of the stimulus is critical. With October 2025 marking the last month of pre-stimulus conditions, the subsequent approval of the package in November provided a clear inflection point. This timing suggests that markets should focus on sectors poised to benefit from the stimulus's inflation relief measures and long-term strategic investments.

Sectoral Allocations: Infrastructure, Shipbuilding, and Strategic Industries

Takaichi's stimulus package is structured around three pillars: inflation relief, economic resilience, and defense modernization. A breakdown of the allocations reveals distinct opportunities for equity markets:
1. Inflation Relief: ¥11.7 trillion is dedicated to energy subsidies, tax cuts (e.g., abolition of provisional gasoline taxes), and childcare support according to Kyodo News. This directly benefits utilities and energy providers, as well as sectors reliant on stable household spending.
2. Infrastructure and Technology: ¥2 trillion in subsidies for local governments and targeted investments in artificial intelligence, semiconductors, and power infrastructure for data centers position technology and construction equities as key beneficiaries.
3. Shipbuilding Revival: A ¥1 trillion public-private fund aims to double Japan's shipbuilding capacity by 2035, signaling a long-term tailwind for industrial and maritime sectors.

For commodity markets, the infrastructure and shipbuilding components imply increased demand for steel, copper, and other industrial metals. The stimulus's emphasis on semiconductor manufacturing and AI also hints at rising demand for rare earth elements and lithium, though these are less explicitly detailed in the current allocations.

Equity and Commodity Market Readiness

The pre-stimulus consumer spending data underscores a market primed for intervention. With real wage erosion limiting discretionary spending, the stimulus's inflation relief measures-such as energy subsidies and tax breaks-are likely to stabilize consumption in the short term. This creates a favorable environment for equities in sectors tied to household spending, including retail and consumer staples.

However, the long-term growth drivers within the stimulus-infrastructure, AI, and shipbuilding-suggest a shift toward capital-intensive industries. Investors should prioritize equities in construction, technology, and industrial manufacturing, which stand to gain from both direct funding and indirect demand. For commodities, the focus should be on industrial metals and energy sources (e.g., natural gas for power supply systems) rather than food staples, given the existing inflationary pressures in the latter category.

Conclusion: A Strategic Window for Investors

Japan's fiscal stimulus, timed to address a fragile Q4 2025 economy, presents a dual opportunity: short-term stabilization of consumer demand and long-term structural investments in key industries. The pre-stimulus decline in October 2025 spending highlights the urgency of these measures, while the sectoral breakdown reveals a clear path for equity and commodity market participation. Investors who align their portfolios with the stimulus's inflation relief and strategic growth pillars are likely to capitalize on both immediate volatility and sustained recovery.