Japan’s Current Account Surplus for May Rises to New Record
10:32 JST, July 9, 2024
TOKYO (Jiji Press) — Japan posted ¥2,849.9 billion in current account surplus in May, up 41.8% from a year before and the largest for the month since comparable statistics became available in 1985, Finance Ministry data showed Monday.
The country logged a current account surplus for the 16th straight month, according to the preliminary balance of payments data.
The rosy result came as the primary income account rose 13.0% to ¥4,211.1 billion, the largest for any month, thanks to growth in coupon income from foreign bonds reflecting higher overseas interest rates and a rise in dividend receipts in yen terms due to the weakening of the Japanese currency.
The goods trade deficit decreased to ¥1,108.9 billion from ¥1,199.8 billion a year before.
Exports increased 12.1% to ¥8,132.4 billion, propelled by robust shipments of automobiles and semiconductor-making equipment. Imports rose 9.3% to ¥9,241.3 billion because of higher crude oil prices.
Services trade turned to a surplus of ¥2.3 billion from the year-before deficit of ¥180.3 billion. The turnaround was backed by an increase of visitors to Japan, which resulted in a larger travel account surplus.
"Business" POPULAR ARTICLE
-
Japanese Companies Increasing Efforts to Hire Foreign Students; Firms, Local Governments Help Them Acquire Skills to Find Jobs in Japan
-
Japan’s Casio to Launch Durable Clothing Range Inspired by G-Shock Brand; Company to Debut Durable T-Shirt in Late August
-
Insufficient Rice Supply Hits Japan; Sever Heat, Rising Demand from Inbound Tourist Among Factors
-
Japan’s Newly Harvested Rice Arrives on Store Shelves; Prices Soar 30%-50% Following Shortage
-
Sony to Open New Brand Complex Building in Tokyo’s Ginza Next Year; ‘Ginza Sony Park’ to Serve as Brand Hub for Entertainment Businesses
JN ACCESS RANKING
- Philippines Steps Up Defense of Northernmost Province with Eye on Possible Contingency Involving Taiwan
- Typhoon Shanshan Forms, Slowly Moves Toward Japan; Govt Says Typhoon No. 10 Likely to Approach Japan Next Week
- Tokyo Companies Prepare for Ashfall From Mt. Fuji Eruption; Disposal Of Ash, Possibly at Sea, A Major Challenge
- Shizuoka Pref. City Offers Foreigners Free Japanese Language Classes; Aims to Raise Non-Natives to Daily Conversation Level
- Typhoon No. 10 Forecast to Develop; Move into Pacific Ocean South of Japan on Aug. 26