Japan equity memo: August event calendar

Research evidence excerpt

Japan equity memo: August event calendar

Nomura | Japan equity memo: August event calendar 22 July 2026

Personnel reshuffles after Diet adjournment, updates on CG and GPIF

Following remarks by senior government officials about promoting domestic investment by

pension funds, the 27 July meeting of the Social Security Council's fund management

subcommittee will be watched closely. The GPIF will release its Apr–Jun investment

performance report on 7 August. Prime Minister Sanae Takaichi will appear before the

Lower House Budget Committee on 24 July, and personnel changes across the

government are expected after the Diet closes on 25 July.

We expect METI to publish its interpretation of the Guidelines for Corporate Takeovers in

July, and the Financial Services Agency (FSA) to release a progress report on asset

managers within July.

The deadline for a final decision on the consumption tax cut will likely come in early

August. In early August, the Cabinet Office will publish its longer-term economic and fiscal

projections, which should reflect the growth strategy to some extent. At end-August,

government ministries and agencies will submit their FY27 budget requests, incorporating

growth strategies, and tax reform proposals. The Central Minimum Wage Council meeting

on 23 July will serve as a forum for building consensus on minimum wage increases from

October onward. The Nikkei is due to publish its July public opinion poll on 27 July.

Cabinet reshuffles usually take place in September, but given Takaichi's view that

ministers who submit budget requests should be the ones to answer questions at the

extraordinary Diet session in the autumn, there is also speculation about a Cabinet

reshuffle after the Obon holidays in August.

Monetary policy: Gauging pace of future rate hikes