FX.co ★ Japan Current Account Surplus Rises Despite Forecast Miss

Japan’s current account surplus rose to JPY 3,968.3 billion in May 2026 from JPY 3,320.5 billion a year earlier, although it came in below market expectations of JPY 4,121 billion. The goods account moved into a slight surplus of JPY 0.07 billion, reversing a deficit of JPY 497.1 billion, as exports grew 14.7%, outpacing import growth of 8.1%.

The primary income surplus increased to JPY 4,275.6 billion from JPY 4,180.2 billion, while the secondary income deficit narrowed to JPY 304.0 billion from JPY 493.5 billion. In contrast, the services account shifted to a small deficit of JPY 0.1 billion, compared with a surplus of JPY 130.9 billion in the same month of the previous year.