Japan's current account surplus in August up 4.2% year on year

09 October 2012 05:29  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s current account surplus rose by 4.2% year on year to yen (Y) 4.7bn ($60m) in August, the first monthly increase since February 2011, despite declining exports, its Ministry of Finance (MOF) said on Tuesday.

The rise in current account surplus was partly because there was an increase in Japan’s income from overseas investments.

The current account measures a country’s trade in goods, services, tourism and investment with the rest of the world.

Japan’s exports fell by 5.3% year on year to Y4,844bn in August, while imports declined by 5.4% to $5,489bn, according to the MOF.

This resulted in a trade deficit of Y644.5bn in August, widening from the Y373.6bn deficit a month earlier.

“There is little evidence that the [Japan’s] export outlook will improve soon in the fourth quarter, if taking into account the weakness in global demand, the strength in the yen, and the repercussions of China-Japan political tensions,” said Singapore-based DBS Group Research.

($1 = Y78.34)

By: Nurluqman Suratman

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