Japan Current Account Surplus Below Estimates

2026-11-10 00:33 By Farida Husna 1 min. read

Japan’s current account surplus decreased sharply to JPY 2,372.3 billion in September 2026 from JPY 4,375.8 billion in the same month a year earlier, falling short of market expectations of a surplus of JPY 3,354.4 billion.

The primary income surplus shrank to JPY 3,553.5 billion from JPY 4,874.8 billion, while the services deficit widened to JPY 456.9 billion from JPY 254.1 billion and the secondary income deficit increased to JPY 536.8 billion from JPY 491.5 billion.

Meanwhile, the goods account swung to a JPY 187.5 billion deficit from a JPY 246.6 billion surplus, as imports rose 17.8%, outpacing 12.8% export growth.

Exports benefited from strong AI-related electronics demand, while imports were partly driven by higher crude oil purchases.

In the first half of fiscal 2026, Japan’s trade surplus was little changed at JPY 17.15 trillion, compared with JPY 17.22 trillion a year earlier.



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Japan Current Account Surplus Below Estimates
Japan’s current account surplus decreased sharply to JPY 2,372.3 billion in September 2026 from JPY 4,375.8 billion in the same month a year earlier, falling short of market expectations of a surplus of JPY 3,354.4 billion. The primary income surplus shrank to JPY 3,553.5 billion from JPY 4,874.8 billion, while the services deficit widened to JPY 456.9 billion from JPY 254.1 billion and the secondary income deficit increased to JPY 536.8 billion from JPY 491.5 billion. Meanwhile, the goods account swung to a JPY 187.5 billion deficit from a JPY 246.6 billion surplus, as imports rose 17.8%, outpacing 12.8% export growth. Exports benefited from strong AI-related electronics demand, while imports were partly driven by higher crude oil purchases. In the first half of fiscal 2026, Japan’s trade surplus was little changed at JPY 17.15 trillion, compared with JPY 17.22 trillion a year earlier.
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Japan’s current account surplus rose to JPY 4,062.0 billion in August 2026 from JPY 3,628.1 billion in the same month a year earlier, surpassing market expectations for a JPY 3,194 billion surplus. Primary income surplus increased to JPY 5,133.2 billion from JPY 4,222.7 billion a year earlier, while the services deficit narrowed to JPY 115.8 billion from JPY 266.7 billion and the secondary income deficit shrank to JPY 267.7 billion from JPY 441.7 billion. Meanwhile, the goods account shifted to a deficit of JPY 687.7 billion from a surplus of JPY 113.8 billion, as exports rose 16.9%, largely supported by strong demand for AI-related electronics, but imports grew faster at 26.7%, driven partly by higher crude oil purchases. In the first half of 2026, Japan's trade surplus widened to JPY 17.43 trillion from JPY 14.23 trillion in the same period a year earlier.
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Japan Current Account Surplus Tops Estimates
Japan’s current account surplus rose to JPY 2,988.9 billion in July 2026 from JPY 2,586.3 billion in the same month a year earlier, exceeding market expectations for a JPY 2,870 billion surplus. The increase was supported by a larger primary income surplus, which climbed to JPY 4,289.6 billion from JPY 4,053.9 billion a year before, while the services deficit narrowed to JPY 512.9 billion from JPY 771.1 billion and the secondary income deficit shrank to JPY 387.9 billion from JPY 508.9 billion. Meanwhile, the goods deficit widened to JPY 399.9 billion from JPY 187.7 billion, as exports rose 24.1%, supported by strong demand for AI-related electronics, but imports grew faster at 25.9%, driven partly by higher crude oil purchases. In the first half of 2026, Japan recorded a JPY 17.43 trillion current account surplus, up from JPY 14.23 trillion in the same period a year earlier.
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