Japan Current Account

Japan’s current account surplus decreased sharply to JPY 1,717.1 billion in September 2024 from JPY 2,954.2 billion in the same month a year earlier, missing market forecasts for a gain of JPY 3,273 billion. It was the 20th consecutive month of surplus in the current account but the smallest in three months, with the primary income surplus narrowing to JPY 2,774.5 billion from JPY 3,240.5 billion in the previous year. Meanwhile, the secondary income deficit widened to JPY 485.9 billion from JPY 394.6 billion. Simultaneously, the goods account deficit dropped to JPY 315.2 billion from JPY 376.0 billion, as exports fell (-4.5%) while imports rose (3.2%). At the same time, the shortfall of services account shrank to JPY 256.3 billion from JPY 267.6 billion in the prior year. During the first six months of the year, the current account surplus increased to JPY 15.82 trillion from JPY 14.09 trillion in the same period of 2023.