Japan’s current account surplus last year increased by 29.5% compared to the previous year, setting a new record. According to the preliminary figures for the 2024 international balance announced by the Japanese Ministry of Finance on the 10th, the current account surplus amounted to 29.2615 trillion yen (approximately 280 trillion won), an increase of 6.6689 trillion yen from the previous year.
The increase was largely attributed to the primary income, which includes dividends and interest from overseas investments, rising by roughly 4 trillion yen to 40.4305 trillion yen compared to the previous year. Additionally, the trade deficit shrank by approximately 2.6 trillion yen as exports of semiconductor manufacturing equipment and automobiles increased amid a weaker yen.
Reports from Nihon Keizai Shimbun and Kyodo News indicated that last year’s current account surplus was the largest since records became comparable in 1985. The current account surplus for December alone was 1.0773 trillion yen, an increase of 17.8%.
With this, Japan’s current account has maintained a surplus for 23 consecutive months. The current account consists of the trade and services balance, income balance from dividends and interest, and current transfers.
[Photo Source: EPA=Yonhap News]
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