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Japan Has Y637.4 Billion Current Account Surplus

japantrade 042110

Japan posted a current account surplus of 637.4 billion yen in February, the Ministry of Finance said on Monday - bouncing into the green after three straight months of deficit.

The headline figure topped forecasts for a surplus of 435.4 billion yen following the 364.8 billion yen deficit in January.

The 47 percent annual decline in the current account also beat expectations for a 59.1 percent contraction following the 19.1 percent annual decline a month earlier.

The trade deficit came in at 677.0 billion yen, missing expectations for a deficit of 660.1 billion after showing a shortfall of 1,479.3 billion in the previous month.

Exports dipped an annual 3.5 percent to 5,065.9 billion after showing 4,646.1 billion in January. Imports were up 11.5 percent on year to 5,742.8 billion yen after coming in at 6,125.4 billion a month earlier.

The capital account saw a deficit of 21.5 billion yen, while the financial account had a shortfall of 110.2 billion yen.

The adjusted current account saw a deficit of 0.1 billion yen, beating expectations for a shortfall of 62.0 billion yen after coming in at a surplus of 364.6 billion in the previous month.

The ministry also posted a revision for the fourth quarter of 2012, in which the current account surplus was 10.5 billion yen - down 98.9 percent on year.

The trade deficit was 1,874.4 billion yen, up 98.4 percent on year. Exports were down 5.7 percent on year to 14,808.5 billion yen, while imports added an annual 0.2 percent to 16,682.8 billion yen.

The capital account saw a deficit of 43.8 billion yen, while the financial account had a surplus of 360.3 billion yen.

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