Japan’s government submitted three major fiscal bills to parliament on February 20, formalizing a structure of simultaneous tax cuts, record spending, and debt-financed deficits under Prime Minister Sanae Takaichi. The package carries both short-term risks and longer-term implications for Bitcoin and crypto markets. The Fiscal Picture The 2026 budget totals ¥122. 3 trillion ($793 billion) in spending — a record for the second straight year — against ¥83