Japan’s current account surplus registered JPY 3,932.7 billion in February 2026, virtually unchanged from JPY 3,938.4 billion a year earlier but comfortably above market expectations of JPY 3,549 billion. This was the largest surplus since September, underpinned primarily by stronger income flows that offset weaker trade performance.
The goods account surplus narrowed markedly to JPY 267.6 billion from JPY 809.9 billion a year earlier, as exports grew 2.8% while imports rose at a faster 9.7% pace. By contrast, the primary income surplus expanded to JPY 4,240.3 billion from JPY 3,798.6 billion, remaining the main contributor to the overall current account surplus.
The services account deficit was broadly unchanged at JPY 284.5 billion, compared with JPY 285.7 billion a year before. Meanwhile, the secondary income deficit improved, narrowing to JPY 290.8 billion from JPY 384.4 billion.
