Japan's fiscal picture is tightening. The primary balance—that's government spending minus revenue before debt service—is tracking toward a deficit around ¥0.8 trillion for the fiscal year kicking off in April. In GDP terms, we're talking about -0.1%. Not massive in absolute numbers, but it's one more data point showing how stretched central government finances are across major economies. For traders watching macro flows and capital rotations, this kind of fiscal pressure often feeds into currency volatility and asset allocation decisions. Worth keeping an eye on how Tokyo handles the structural debt story going forward.