Japan Logs Record Current Account Surplus for Nov.

REUTERS/Florence Lo/Illustration/File Photo
Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022.

TOKYO —Japan has logged a record current account surplus for November, buoyed by growth in Japanese companies’ dividend and interest receipts from aboard, government data showed Thursday.

The country’s current account surplus rose 16.4% from a year before to ¥1,803.6 billion last November after posting a deficit of ¥64.1 billion in October, the Finance Ministry said.

The surplus was far bigger than the median forecast of ¥452.8 billion among 18 economic research institutes surveyed by Jiji Press.

The record-breaking result also reflected shipping companies’ strong performance in their overseas operations.

On the primary income account, Japan logged a surplus of ¥3,724.5 billion, growing 53.9% thanks to a weaker yen.

Exports were up 20.7% at ¥9,008.1 billion, and imports rose 33.8% to ¥10,546 billion.

As a result, Japan’s goods trade deficit jumped to ¥1,537.8 billion from ¥424.3 billion a year before, marking a record high for November.

In services trade, the country’s deficit slid to ¥166.4 billion from ¥201.8 billion as visitors from abroad increased following a drastic easing of COVID-19 border controls.

Travel services posted a surplus of ¥95 billion, up sixfold, as travelers from overseas spent more in Japan than Japanese people did abroad.