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Japan’s May Current Account Surplus Hits Record High

Japan’s May Current Account Surplus Hits Record High

Tokyo, Japan’s Finance Ministry said that the country’s current account surplus for May hit a record high for that month.

The surplus stood at 2.85 trillion yen, or 17.7 billion dollars. That’s up more than 41 percent on year and the highest for May since 1985 when comparable data became available. Japan has now logged a surplus for 16 straight months, according to according to Japan’s broadcaster NHK World.

The gain comes as higher interest rates overseas and the weak yen pushed up the income companies earn from foreign bond holdings.

The primary income surplus came in at 26 billion dollars, a record high for any month. This figure includes dividends Japanese businesses receive from overseas subsidiaries, as well as interest income on bonds.

The trade deficit shrunk to 6.9 billion dollars, thanks to strong exports of automobiles and semiconductor manufacturing equipment.

Source: Oman News Agency