Japan’s Current Account Surplus Plummets 54% in FY 2022

Japan’s current account surplus plummeted by 54% in FY 2022 due to a record trade deficit resulting from surging import prices and a weaker yen, as per official data. The surplus fell to ¥9.23tn ($68.85bn), the lowest since 2014, while the deficit in goods trade widened to ¥18.06tn for the year. The deficit in services trade, including cargo shipping and passenger transportation, increased to ¥5.28tn as primary income surged by 22.6% to ¥35.56tn due to the yen’s weakness.