Japan's current account surplus narrowed significantly to JPY 1,717.1 billion in September 2024, down from JPY 2,954.2 billion a year earlier and falling short of market expectations of JPY 3,273 billion.
Japan current account surplus below estimates
Despite marking the 20th consecutive month of surplus, this was the smallest surplus in three months. The primary income surplus declined to JPY 2,774.5 billion from JPY 3,240.5 billion last year, while the secondary income deficit expanded to JPY 485.9 billion from JPY 394.6 billion.
Trade figures
On the trade side, the goods account deficit improved slightly, narrowing to JPY 315.2 billion from JPY 376.0 billion, as exports contracted by 4.5% and imports increased by 3.2%. The services account deficit also saw a slight improvement, shrinking to JPY 256.3 billion from JPY 267.6 billion in the prior year. For the first six months of 2024, Japan’s cumulative current account surplus rose to JPY 15.82 trillion, up from JPY 14.09 trillion in the same period of 2023, reflecting mixed trends in trade and income flows amid a shifting economic environment.
