Japan's current account surplus drops sharply

Japan’s current account surplus for fiscal 2022 decreased by 54 percent to 9.23 trillion yen ($68.8 billion). This figure saw its lowest level since 2014. In a statement, Japan’s Finance Ministry announced the data on the current account volume for the 2022 fiscal year, which covers April 2022-March 2023. According to the updated data, Japan’s current account surplus for fiscal 2022 decreased by 54.2 percent compared to the previous fiscal year, falling to 9.23 trillion yen. The current account surplus fell to its lowest level since fiscal 2014. It was reported that high energy prices and the depreciation of the yen against foreign exchange were effective in this decline. The country's imports increased by 35 percent to 117.6 trillion yen ($875 billion), while exports increased by 16.3 percent to 99.6 trillion yen ($741 billion).