FX.co ★ Japan Current Account Surplus Below Estimates

Japan’s current account surplus narrowed to JPY 923.0 billion in June 2026, down from JPY 1,281.8 billion a year earlier, and came in below market expectations of a JPY 1,512.0 billion surplus.

The goods account shifted to a deficit of JPY 135.2 billion, compared with a surplus of JPY 467.3 billion in the same month last year. Exports grew 16.3%, supported by robust demand for AI-related electronics, but this was outpaced by a 24.3% jump in imports, driven largely by increased crude oil purchases.

The services deficit widened to JPY 228.5 billion from JPY 160.6 billion. The primary income surplus also declined sharply, falling to JPY 380.1 billion from JPY 1,444.9 billion.

By contrast, the secondary income deficit narrowed significantly, improving to JPY 108.6 billion from JPY 469.8 billion.

For the first half of fiscal 2026, Japan’s current account surplus increased to JPY 17.43 trillion from JPY 14.23 trillion in the same period a year earlier.