Japan Current Account Surplus Above Estimates

Japan’s current account surplus fell to JPY 728.8 billion in December 2025 from JPY 1,071.8 billion in the same month a year earlier, falling short of market forecasts of JPY 1,060 billion. The primary income surplus inched lower to JPY 1,189.4 billion from 1,248.9 billion while the secondary income deficit edged higher to JPY 255.4 billion from JPY 242.3 billion. At the same time, the services account shifted to a deficit of JPY 340.1 billion from a small surplus of JPY 0.11 billion. In contrast, the surplus of goods account surged to JPY 134.9 billion from JPY 0.54 billion in the previous year, as exports (4.5%) rose faster than imports (3.7%).

Japan’s current account surplus increased to JPY 3,674.1 billion in November 2025 from JPY 3,338.9 billion in the same month a year earlier, topping market expectations of JPY 3,594 billion. The surplus of goods account surged to JPY 625.3 billion from JPY 119.1 billion in the previous year, as exports rose 5.1% while imports fell 0.5%. Also, the primary income surplus inched higher to JPY 3,380.9 billion from 3,374.5 billion. At the same time, the secondary income deficit narrowed to JPY 288.0 billion from JPY 422.4 billion. However, the services account shifted to a small deficit of JPY 0.44 billion from a surplus of JPY 267.7 billion.

Japan’s current account surplus increased to JPY 2,833.5 billion in October 2025 from JPY 2,453.8 billion in the same month a year earlier, but below market expectations of JPY 3,109.5 billion. The goods account shifted to a surplus of JPY 0.98 billion from a shortfall of JPY 152.7 billion in the previous year, as exports rose 2.8% while imports edged up 0.1%. Also, the primary income surplus widened to JPY 3,464.6 billion from 3,190.0 billion. At the same time, the secondary income deficit narrowed to JPY 434.8 billion from 496.8 billion. However, the services account deficit widened sharply to JPY 294.6 billion from JPY 0.87 billion.