FX.co ★ Japan Current Account Surplus Below Forecasts

Japan's current account surplus experienced a decline, dropping to JPY 2,684.3 billion in July 2025 from JPY 3,319.7 billion in the same period the previous year. This figure fell short of market expectations, which were set at JPY 3,366 billion. The primary income surplus decreased, reaching JPY 4,074.6 billion compared to JPY 4,609.3 billion the year before. Concurrently, the services account deficit expanded to JPY 695.6 billion from JPY 581.4 billion, and the secondary income deficit nearly doubled, increasing to JPY 505.4 billion from JPY 248.8 billion. In a different development, the goods account deficit reduced to JPY 189.4 billion from JPY 459.4 billion, as imports saw a sharper decline of 7.4% compared to the 4.9% decrease in exports.