Japan logs biggest current account surplus since 2007

by Dramelin 12:00 AM 0 comments

The 20.6 trillion yen ($183.63 billion) surplus reflected the trade balance swinging into surplus on cheaper oil, rising foreign tourists arrivals creating a record travel surplus, and hefty foreign income from overseas investments. Japan attained its second-biggest current account surplus on record in 2016, Ministry of Finance data showed on Wednesday, just days before the U.S. and Japanese leaders meet for talks with trade surpluses and currency valuations expected to be high on the agenda. For the whole of 2016, Japan posted a trade surplus of 6.8 trillion yen ($59.95 billion) with the United States, down 4.6 percent from 2015, with U.S.-bound car shipments rising for a second straight year, the Ministry of Finance said. Trade surpluses and currency valuations are in focus as U.S. President Donald Trump pursues an "America First" campaign in which he has accused big exporters such China, Germany and Japan of deliberately weakening their currencies to gain a competitive advantage.