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Japan's Balance of Payments for 2010*1

  • *1  This is an English translation of the Japanese original released on March 18, 2011.

July 7, 2011
Bank of Japan
International Department

I. Summary

Japan's current account surplus increased for the first time in three years to 17.1 trillion yen in 2010, up from 13.3 trillion yen in 2009. The capital and financial account deficit (net outflows) was 12.9 trillion yen in 2010, more or less unchanged from 12.6 trillion yen in 2009. Reserve assets continued to increase, rising by 3.8 trillion yen in 2010, compared to an increase of 2.5 trillion yen in 2009, due to a resumption of the foreign exchange intervention operations and an increase in investment income on reserve assets. Balance of payments data for 2010 and the fourth quarter of 2010 in this report are preliminary unless otherwise stated.

In balance of payments statistics, the following relationship holds true at all times: Current account + capital and financial account + changes in reserve assets + errors and omissions = 0. Japan's balance of payments for 2010 shows that the current account surplus earned is mirrored by reverse flows abroad in the form of a capital and financial account deficit (net outflows) and an increase in reserve assets.

Figure 1: Balance of Payments

  • Notes:1."p" denotes preliminary data throughout this report.
  • 2.Preliminary figures of Japan's balance of payments for 2010 were made public on February 8, 2011.

Table 1: Japan's Balance of Payments

  • Notes:1.Negative figures represent capital outflows. Negative figures in "changes in reserve assets" represent an increase in reserve assets.
  • 2.Figures for portfolio investment and other investment exclude securities lending transactions.

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