FX.co ★ Japan Current Account Surplus Above Estimates

Japan witnessed an increase in its current account surplus, reaching JPY 3,674.1 billion in November 2025, compared to JPY 3,338.9 billion in the same month of the previous year. This figure surpassed market expectations, which were set at JPY 3,594 billion.

Notably, the goods account surplus saw a significant rise, amounting to JPY 625.3 billion, up from JPY 119.1 billion the previous year. This was driven by a 5.1% increase in exports, alongside a 0.5% dip in imports. Additionally, the primary income surplus experienced a slight uptick, climbing to JPY 3,380.9 billion from JPY 3,374.5 billion.

Meanwhile, the secondary income deficit showed improvement, reducing to JPY 288.0 billion from JPY 422.4 billion. Conversely, the services account transitioned from a surplus of JPY 267.7 billion to a modest deficit of JPY 0.44 billion.