FX.co ★ Japan Current Account Surplus Above Estimates

In May 2025, Japan's current account surplus increased significantly to JPY 3,436.4 billion, compared to JPY 2,949.5 billion in the same month the previous year. This rise exceeded market forecasts, which anticipated a surplus of JPY 2,940 billion. Notably, the services account transitioned from a deficit of JPY 51.6 billion last year to a surplus of JPY 201.1 billion. Furthermore, the deficit in the goods account considerably reduced to JPY 522.3 billion from a previous JPY 1,098.6 billion. This improvement occurred as exports saw a minor decline of 1.4%, opposed to imports, which dropped by a larger 7.5%. However, the primary income surplus experienced a slight decrease, falling to JPY 4,255.5 billion from JPY 4,372.5 billion, while the secondary income deficit expanded to JPY 497.9 billion from JPY 273.3 billion. Over the fiscal year 2024, the current account surplus achieved a new peak of JPY 30.38 trillion, up from JPY 26.17 trillion in the previous year.