Japan's current account surplus more than doubled in May compared to the same period last year, reaching 1.86 trillion yen ($13.08 billion), according Ministry of Finance data. This marks the fourth straight month of gains for Japan's current account, The trade deficit narrowed to 1.2 trillion yen from 1.8 trillion yen in May 2022.
Dividend payments from Japanese businesses operating overseas and interest payments on Japanese investments abroad increased the primary income surplus to 3.6 trillion yen, up from 3.1 trillion yen the previous year.
Over the past year, Japan's current account surplus has highlighted the challenges of high energy costs and a weak yen for the country's economy. Japan relies heavily on imports of fuel and raw materials, while its export prowess has declined in recent years as production has moved overseas. Income from Japanese investments abroad has now become a key pillar supporting the current account surplus.
