Japan’s current account surplus reaches record ¥25 trillion in fiscal year 2023

TOKYO (Jiji Press) – Japan’s current account surplus expanded 2.8 times from the previous year in fiscal 2023, reaching a record high of ¥25.339 billion, mainly due to a smaller trade deficit, the Finance Ministry said Friday in a preliminary report.

In the year ending 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 primary income balance surplus, which reflects dividend and interest flows, rose 0.6% to ¥35,531.2 billion.

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