FX.co ★ Japan Current Account Surplus Above Forecasts

Japan’s current account surplus rose to JPY 4,062.0 billion in August 2026, up from JPY 3,628.1 billion in the same month a year earlier, exceeding market expectations of a JPY 3,194 billion surplus. The primary income surplus expanded to JPY 5,133.2 billion from JPY 4,222.7 billion a year before, while the services deficit narrowed to JPY 115.8 billion from JPY 266.7 billion. The secondary income deficit also decreased, shrinking to JPY 267.7 billion from JPY 441.7 billion.

By contrast, the goods account swung to a deficit of JPY 687.7 billion, compared with a surplus of JPY 113.8 billion a year earlier. Exports climbed 16.9%, supported largely by strong demand for AI-related electronics, but imports increased at a faster pace of 26.7%, driven in part by higher crude oil purchases.

Over the first half of 2026, Japan’s trade surplus widened to JPY 17.43 trillion, up from JPY 14.23 trillion in the same period a year earlier.