Japan Current Account

Data Trade

Source: Japan Ministry of Finance
Source Link: https://www.mof.go.jp/
Frequency: Monthly
Next Release(s): December 7th, 2025 7:50 PM

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Japan’s current account fell from ¥4,061 billion in March to ¥3678.1 billion in April, in line with expectations.
- Goods exports improved to ¥9,559.1 billion, up 1.8% YoY, and imports increased to ¥9,042.7 billion, up 1.3% YoY.
- The services balance improved significantly from -¥175.5 billion to basically even at -¥19.2 billion.
- The primary income balance improved slightly but saw offset by a decline in the secondary income balance to -¥739.4 billion, down from -¥358.4 billion.
- Foreign direct investment was up from ¥1,480.0 billion a year ago to ¥1,734.2 billion but is lower than the previous month.
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Japan’s current account flipped from a -¥248.1 billion deficit in January to a surplus of ¥4,061 billion in February, well above expectations of ¥3,800 billion.
- Goods exports surged 10.4% YoY to ¥9,005.5 billion while imports fell -1.9% YoY to 8,292.6 billion.
- The primary income balance improved again, up 10.9% YoY to ¥3,881.7 billion.
- Foreign direct investment increased to ¥2,105.5 billion, up from ¥1,650.2 billion a year ago.
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Japan’s current account fell to -¥257.6 billion in January, down from ¥1,077.3 billion in December and below expectations of -¥230.5 billion.
- The goods trade deficit dropped from a surplus of ¥62.3 billion to a deficit of -¥2,937.9 billion with exports up 2.1% YoY and outpaced by import growth of 17.7% YoY.
- The primary income accounts improved 20.5% YoY while the secondary income was mostly unchanged at -0.3% YoY.
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Japan’s current account in December was ¥1,077.3 billion, down from ¥3,352.5 billion in November and below expectations of a ¥1,362 billion estimate.
- Both goods imports and exports were down compared to a year ago at -0.9% YoY and -0.3% YoY respectively.
- The primary income balance saw a steep drop over the month and was down -2.5% YoY in December vs up 13.0% YoY in November.
- In 2024 as a whole, the current account increased to ¥29,261.5 billion from ¥22,592.6 billion in 2023 as export growth (+4.5%) outpaced import growth (+1.8% MoM). The primary and secondary income accounts both saw strong improvements in 2024, up 11.3% YoY and 7.4% YoY respectively.
The Japanese current account balance jumped from ¥2,457.0 billion in November to ¥3,352.5 billion in December which is a sharp 54.5% YoY increase and above expectations of an increase to ¥2,691.0 billion. The goods balance flipped from a -¥155.7 billion deficit to a surplus of ¥97.9 billion as exports grew 2.8% YoY and imports fell -5.7% YoY. The balance of services also flipped from -¥159.0 billion to ¥258.6 billion. Both primary income and secondary income contributed to the growth of the surplus as well.

Japan also saw a jump in foreign direct investment and a smaller portfolio investment deficit that helped the financial accounts to grow from ¥1,896.5 billion in November to ¥2,705.1 in December.

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