Japan’s Current Account Surplus Hits Record ¥25 Tril in Fiscal 2023

Jiji Press

12:32 JST, May 10, 2024

TOKYO (Jiji Press) — Japan’s current account surplus in fiscal 2023 soared 2.8-fold from the previous year to hit a record high of ¥25,339 billion, mainly thanks to a smaller trade deficit, the Finance Ministry said in a preliminary report Friday.

In the year that ended in March 2024, the country’s goods trade deficit shrank to ¥3,572.5 billion from the previous year’s ¥17,786.9 billion. Exports rose 2.1% to ¥101,866.6 billion, while imports fell 10.3% to ¥105,439.1 billion.

The surplus in the primary income balance, which reflects dividend and interest flows, inched up 0.6% to ¥35,531.2 billion.

In March alone, Japan’s current account surplus climbed 44% from a year before to ¥3,398.8 billion.