noun
austerity measure; fiscal austerity
Economic policy term referring to government measures to reduce budget deficits through spending cuts or tax increases.
See also: 緊縮政策
政府は緊縮財政政策を実施し、公共支出を大幅に削減した。
The government implemented fiscal austerity measures and significantly cut public spending.
A broader term for austerity policy, not necessarily limited to fiscal matters; 緊縮財政政策 specifically refers to fiscal austerity.
Compound of 緊縮 (tightening, austerity) + 財政 (public finance) + 政策 (policy).