Japan Current Account

Japan’s current account surplus increased to JPY 2,644.2 billion in February 2024 from JPY 2,200.3 billion in the same month a year earlier. It was the 13th straight month of surplus in the current account but less than the market consensus of a gain of JPY 3,112.5 billion. The primary income surplus was down to JPY 3,306.9 billion from JPY 3,450.4 billion a year ago. Meanwhile, the deficit of goods account narrowed sharply to JPY 280.9 billion from JPY 586.0 billion as exports grew by 5.5% while imports rose at a softer 1.4%. At the same time, the shortfall in the services account considerably narrowed to JPY 0.56 billion from JPY 224.1 billion in the previous year, and the gap in secondary income fell to JPY 336.2 billion from JPY 440.0 billion.