Japan Current Account

Japan’s current account surplus sharply increased to JPY 3,352.5 billion in November 2024 from JPY 2,170.2 billion in the same month a year earlier, beating market consensus for a gain of JPY 2,691 billion. It was the 22nd successive month of surplus in the current account and the largest amount since August. The primary income surplus widened to JPY 3,437.3 billion from JPY 3,041.8 billion in the previous year. In addition, the services account surplus surged to JPY 238.6.0 billion from JPY 0.8 billion. Further, the goods account shifted to a tiny surplus of nearly JPY 1 billion from a shortfall of JPY 683.3 billion, as exports grew by 2.8 while imports fell by 5.7%. Meanwhile, the secondary income deficit increased to JPY 421.4 billion from JPY 269.0 billion.