Japan Current Account Surplus Tops Estimates

Japan’s current account surplus increased to JPY 3,907.8 billion in April 2026 from JPY 2,370.0 billion in the same month a year earlier, exceeding market expectations of JPY 3,137 billion. The goods account surplus surged to JPY 395.7 billion from a tiny figure in the prior year, as export growth (13.9%) outpaced imports (9.5%). Also, the primary income surplus widened to JPY 4,210.0 billion from JPY 3,649.8 billion. Meantime, the services account deficit narrowed sharply to JPY 416.0 billion from JPY 725.9 billion. Also, the secondary income deficit decreased to JPY 281.8 billion from JPY 553.1 billion.

Japan’s current account surplus increased to JPY 4,681.5 billion in March 2026 from JPY 3,625.3 billion in the same month a year earlier, surpassing market expectations of JPY 3,879 billion and marking the largest amount on record. The goods account surplus surged to JPY 830.5 billion from JPY 611.3 billion in the prior year, as export growth (11.7%) outpaced imports (10.0%). Also, the primary income surplus widened to JPY 4,630.7 billion from JPY 3,832.6 billion. Meantime, Meanwhile, the secondary income deficit narrowed to JPY 522.0 billion from JPY 778.9 billion, while the services account deficit widened sharply to JPY 257.8 billion from JPY 39.8 billion.

Japan’s current account surplus stood at JPY 3,932.7 billion in February 2026, little changed from JPY 3,938.4 billion a year earlier but exceeding market expectations of JPY 3,549 billion. The latest figure marked the largest surplus since September, supported mainly by stronger income flows despite weaker trade dynamics. The goods account surplus narrowed sharply to JPY 267.6 billion from JPY 809.9 billion in the prior year, as export growth (2.8%) lagged behind a faster rise in imports (9.7%). Meanwhile, the primary income surplus widened to JPY 4,240.3 billion from JPY 3,798.6 billion, remaining the key driver of the overall surplus. The services account deficit was broadly stable at JPY 284.5 billion (vs JPY 285.7 billion), while the secondary income deficit narrowed to JPY 290.8 billion from JPY 384.4 billion.