Japan may have to shift its focus from supporting the yen toward controlling government bond yields if it is to achieve its ambitious economic growth plans, according to Deutsche Bank.

The $2.3 trillion growth strategy unveiled late last month by Prime Minister Sanae Takaichi puts Japan “at the precipice of a very significant shift in fiscal and industrial policy,” strategist Mallika Sachdeva wrote in a note. “It will have to find room to spend while maintaining fiscal sustainability.”

The growth program calls for a burst of spending, which authorities hope to finance by mobilizing domestic savings and encouraging large institutional investors to allocate more capital to domestic assets. At the same time, they will need to keep nominal economic growth above funding costs. Both objectives could require measures to keep yields in check, Sachdeva said.