Japan posts record current-account surplus in FY2023

Japan logged its largest current account surplus on record in fiscal 2023. Exports of automobiles helped push the number higher.

Finance Ministry officials say the surplus stood at more than 25.3 trillion yen, or over 162 billion dollars. That's up more than 104 billion dollars from the previous fiscal year.

The current account is a key gauge of Japan's trade and investment with the rest of the world.

The value of Japan's imports fell, after crude oil and other energy prices levelled off following steep rises.

Auto-related shipments helped by increased semiconductor supplies contributed to a smaller trade deficit.

The primary-income surplus came to a record 35.5 trillion yen, or about 228 billion dollars. This includes dividends and interest income that Japanese firms receive from their foreign subsidiaries.

The figure was up more than one billion dollars from the previous fiscal year due to effects of the weak yen and higher interest rates of foreign bonds.

Meanwhile, the ministry officials say Japan posted its 14th straight current-account surplus in March.

The figure stood at nearly 3.4 trillion yen, or about 22 billion dollars, which is the highest for the month. The figure was pushed up by lower import values of coal and liquefied natural gas.