Japan’s current account surplus rises to new record in May

TOKYO (Jiji Press) — Japan posted a current account surplus of ¥2,849.9 billion in May, up 41.8% from a year earlier and the largest surplus for the month since similar statistics became available in 1985, finance ministry data showed Monday.

The country posted a current account surplus for the 16th consecutive month, according to preliminary balance of payments data.

The rosy result came as the primary income account rose 13.0% to ¥4,211.1 billion, the highest amount in the past month, thanks to growth in coupon income from foreign bonds, which reflected higher foreign interest rates, and a rise in yen-denominated dividend income due to the weakening of the Japanese currency.

The goods trade deficit narrowed to ¥1,108.9 billion from ¥1,199.8 billion a year earlier.

Exports rose 12.1% to ¥8,132.4 billion, led by robust shipments of automobiles and semiconductor equipment. Imports rose 9.3% to ¥9,241.3 billion on higher crude oil prices.

Trade in services turned a surplus of ¥2.3 billion, compared with a deficit of ¥180.3 billion a year earlier. The turnaround was supported by an increase in the number of visitors to Japan, resulting in a larger surplus in the travel account.