Japan’s current account surplus fell sharply to JPY 2,372.3 billion in September 2026, down from JPY 4,375.8 billion a year earlier and below market expectations of JPY 3,354.4 billion. The primary income surplus narrowed 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. At the same time, the secondary income deficit increased to JPY 536.8 billion from JPY 491.5 billion.
The goods account shifted to a deficit of JPY 187.5 billion, compared with a surplus of JPY 246.6 billion in the same month last year, as imports rose 17.8%, outpacing a 12.8% increase in exports. Export growth was supported by robust demand for AI-related electronics, whereas imports were partly driven by increased crude oil purchases. Over the first half of fiscal 2026, Japan’s trade surplus was broadly unchanged at JPY 17.15 trillion, compared with JPY 17.22 trillion a year earlier.
