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Japan's Balance of Payments for 2013 *1

  • *1This report is an English translation of the Japanese original released on February 28, 2014.

May 2, 2014
International Department
Bank of Japan

Summary

Japan's current account surplus decreased to 3.3 trillion yen in 2013 from 4.8 trillion yen in 2012, mainly due to an increase in the deficit on goods. The capital and financial account shifted to net inflows of 4.6 trillion yen in 2013 from net outflows of 8.2 trillion yen in 2012, mainly because portfolio investment shifted to net inflows as investments in foreign securities by Japanese investors shifted to net sales (inflows) and net purchases of Japanese securities by foreign investors (inflows) increased. Reserve assets increased by 3.9 trillion yen in 2013 after having decreased by 3.1 trillion yen in 2012. The Balance of Payments (BOP) data for 2013 and the fourth quarter of 2013 throughout this report are preliminary.

Japan's Balance of Payments 1, 2

Japan's Balance of Paymentsbil. yen, %
2009 2010 2011 2012 2013p Highlights
Current account 13,735.6 17,887.9 9,550.7 4,823.7 3,306.1 The surplus decreased for the third consecutive year, mainly due to an increase in the deficit on goods. The surplus registered a record low since 1985, from when comparable data are available.
Change from the previous year -2,926.2 +4,152.3 -8,337.2 -4,727.1 -1,517.6
Year-on-year percent change -17.6 +30.2 -46.6 -49.5 -31.5
Goods and services 2,124.9 6,564.6 -3,378.1 -8,304.1 -12,234.9 The deficit increased for the second consecutive year.
Change from the previous year +234.9 +4,439.8 -9,942.7 -4,926.1 -3,930.8
Goods 4,038.1 7,978.9 -1,616.5 -5,814.1 -10,639.9 The deficit increased for the second consecutive year.
Change from the previous year +10.3 +3,940.9 -9,595.4 -4,197.6 -4,825.8
Year-on-year percent change +0.3 +97.6 Negative 3.6 times +83.0
Exports 50,857.2 63,921.8 62,724.8 61,442.1 66,969.4 Increased after decreasing the previous two years.
Imports 46,819.1 55,942.9 64,341.2 67,256.2 77,609.3 Increased for the fourth consecutive year.
Services -1,913.2 -1,414.3 -1,761.6 -2,490.0 -1,595.0 The deficit decreased.
Transportation -838.3 -662.3 -888.1 -1,211.9 -720.1 The deficit decreased.
Travel -1,388.6 -1,287.5 -1,296.3 -1,061.7 -688.2 The deficit decreased for the second consecutive year.
Other services 313.7 535.6 422.9 -216.4 -186.7 The deficit decreased.
Income 12,774.2 12,414.9 14,038.4 14,272.3 16,531.8 The surplus increased for the third consecutive year.
Of which:
  Direct investment income
3,460.2 2,851.3 3,821.8 4,214.2 5,315.2 The surplus increased for the third consecutive year.
Portfolio investment income 8,792.2 8,993.0 9,538.6 9,396.0 10,541.7 The surplus increased.
Current transfers -1,163.5 -1,091.7 -1,109.6 -1,144.5 -990.8 The deficit decreased.
Capital and financial account -14,267.8 -17,697.1 1,172.2 -8,187.8 4,609.0 Shifted to net inflows.
Financial account3,4 -13,802.5 -17,263.0 1,144.0 -8,107.4 5,352.2 Shifted to net inflows.
Direct investment -5,872.5 -5,048.7 -8,727.5 -9,640.1 -12,971.2 Net outflows increased for the third consecutive year.
Outward direct investment -6,989.6 -4,938.8 -8,587.2 -9,778.2 -13,194.3 Net investments (outflows) increased for the third consecutive year.
Inward direct investment 1,117.1 -109.9 -140.3 138.2 223.2 Net investments (inflows) increased.
Portfolio investment -21,254.9 -16,236.1 15,296.5 -6,116.0 23,939.9 Shifted to net inflows.
Outward portfolio investment -16,303.6 -25,834.1 -6,122.8 -14,696.8 6,077.2 Shifted to net sales (inflows), mainly due to an increase in net sales of foreign equity securities and a decrease in net purchases of foreign bonds and notes (outflows).
Equity securities -3,030.2 -2,057.4 -928.8 2,135.1 6,619.7
Bonds and notes -13,173.6 -24,040.6 -5,925.8 -17,048.4 -313.6
Money market instruments -99.7 263.8 731.8 216.5 -228.9
Inward portfolio investment -4,951.3 9,598.0 21,419.3 8,580.8 17,862.7 Net purchases (inflows) increased, mainly due to an increase in net purchases of Japanese equity securities.
Equity securities 964.2 2,919.7 550.7 2,351.2 17,011.8
Bonds and notes -7,711.7 437.5 4,175.2 2,719.5 -1,394.2
Money market instruments 1,796.2 6,240.8 16,693.4 3,510.0 2,245.1
Financial derivatives 948.7 1,026.2 1,347.0 -590.3 -5,513.9 Net outflows increased.
Other investment 12,247.2 2,995.4 -6,779.8 8,250.5 -103.2 Shifted to net outflows.
Assets 18,244.3 -8,412.0 -10,761.5 -4,733.3 -16,086.5
Liabilities -5,997.1 11,407.5 3,981.6 12,983.8 15,983.3
Capital account -465.3 -434.1 28.2 -80.4 -743.2 The deficit increased.
Of which:
  Capital transfers
-238.5 -328.5 37.5 17.2 -607.2
Changes in reserve assets3 -2,526.5 -3,792.5 -13,789.7 3,051.5 -3,850.4 Increased after decreasing the previous year.
Errors and omissions 3,058.7 3,601.7 3,066.9 312.6 -4,064.8 -

Notes:

  1. As figures have been rounded to the nearest final digit, there may be slight discrepancies between the sums of the constituent items and the totals as shown.
  2. Throughout this report, "p" in the tables and figures denotes preliminary data.
  3. Negative figures in the financial account and changes in reserve assets represent financial outflows (i.e., increases in assets and decreases in liabilities).
  4. Figures for portfolio investment and other investment in the financial account exclude securities lending transactions. Therefore, figures in the financial account do not add up to the total.

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