ID :
44924
Tue, 02/10/2009 - 11:29
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http://m.oananews.org//node/44924
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2008 current account surplus falls at fastest pace on record+
TOKYO, Feb. 9 Kyodo -
Japan's current account surplus fell at the fastest pace on record in 2008,
shrinking 34.3 percent from the previous year, as the trade surplus nosedived
due to slumping exports and growing imports while the yen's strength later in
the year trimmed overseas investment returns, the Finance Ministry said Monday.
The surplus in the current account balance -- the broadest gauge of trade in
goods and services -- slipped for the first time in three years to 16,280.3
billion yen in 2008, logging the biggest decline since comparable data became
available in 1986.
In December alone, Japan's current account surplus plunged 92.1 percent from a
year earlier to 125.4 billion yen, also registering its largest ever drop, the
ministry said in a preliminary report. The outcome underlined the world
economic downturn's significant damage to export-led Japanese economy.
A ministry official said that except for the months of January in 1990, 1991
and 1996 when the nation saw current account deficits, the December figure was
the lowest on record.
In the whole of 2008, the surplus in the balance of trade in goods and services
plummeted 81.7 percent from the previous year to 1,797.3 billion yen, also
falling at the fastest pace on record.
The balance of merchandise and services trade plunged into the red for the
first time in the July-December second half of 2008, incurring a deficit of
841.3 billion yen.
Chief Cabinet Secretary Takeo Kawamura said the latest current account balance
figures indicate a recent rapid decline in economic activity, and said the
government will closely look at Japan's October-December gross domestic product
data due out Feb. 16.
Hirokata Kusaba, a senior economist at the Mizuho Research Institute, said the
current account surplus posted a significant fall in 2008 as the world economic
slump seriously hit Japanese exports and eroded income gains from overseas
investment.
''At least in the first half of 2009, Japan's exports will continue to face
serious conditions and the nation's financial returns are also expected to
decline due to the sharp appreciation of the yen, slumping performance of
Japanese firms' overseas subsidiaries and falls in corporate bond prices,'' he
said.
Kusaba projected that Japan may soon see its current account balance sink into
the red as the world economy is unlikely to pick up in the near future.
In 2008, the surplus in merchandise trade shed 67.3 percent to 4,033.8 billion
yen, registering the biggest decline on record.
Exports slid 3.0 percent to 77,352.2 billion yen, the first decline in seven
years, as the global economic downturn reduced demand for such Japanese
products as vehicles and semiconductors.
Imports gained 8.8 percent to a record 73,318.4 billion yen, up for the sixth
straight year, on surges in crude oil imports that peaked in the summer.
The balance of services logged a deficit of 2,236.5 billion yen, down 10.4
percent. Deficits narrowed in the tourism and transport sectors, as soaring
fuel surcharges discouraged Japanese from traveling overseas and the nation's
cargo transporters received more fees.
The income account, covering income from Japanese investment in foreign
securities and payments by foreign employers in Japan, saw a 3.0 percent fall
in its surplus to 15,832.4 billion yen, with falls in income from dividend
payments and interest on bonds.
In December alone, the balance of trade in goods and services posted a deficit
of 519.6 billion yen, staying in the red for the third straight month.
The merchandise trade balance saw a deficit of 197.9 billion yen for the second
consecutive month of red ink as the speed of decline in exports outpaced that
in imports.
Exports fell at the record fastest pace of 35.1 percent to 4,592.0 billion yen,
down for the third month in a row, while imports decreased 21.2 percent to
4,789.8 billion yen, down for the second straight month.
The deficit in services trade expanded 3.8 percent to 321.7 billion yen, with
deficits expanding in the transport sector.
The income surplus decreased 27.8 percent for the third consecutive month of
decline to 724.2 billion yen, as the yen's strength and the deteriorating
performance of overseas firms reduced dividend payments and interest on bonds.
The current account balance is the difference between a country's income from
foreign sources and foreign obligations payable, excluding net capital
investment.
==Kyodo
2009-02-09 20:56:10
Japan's current account surplus fell at the fastest pace on record in 2008,
shrinking 34.3 percent from the previous year, as the trade surplus nosedived
due to slumping exports and growing imports while the yen's strength later in
the year trimmed overseas investment returns, the Finance Ministry said Monday.
The surplus in the current account balance -- the broadest gauge of trade in
goods and services -- slipped for the first time in three years to 16,280.3
billion yen in 2008, logging the biggest decline since comparable data became
available in 1986.
In December alone, Japan's current account surplus plunged 92.1 percent from a
year earlier to 125.4 billion yen, also registering its largest ever drop, the
ministry said in a preliminary report. The outcome underlined the world
economic downturn's significant damage to export-led Japanese economy.
A ministry official said that except for the months of January in 1990, 1991
and 1996 when the nation saw current account deficits, the December figure was
the lowest on record.
In the whole of 2008, the surplus in the balance of trade in goods and services
plummeted 81.7 percent from the previous year to 1,797.3 billion yen, also
falling at the fastest pace on record.
The balance of merchandise and services trade plunged into the red for the
first time in the July-December second half of 2008, incurring a deficit of
841.3 billion yen.
Chief Cabinet Secretary Takeo Kawamura said the latest current account balance
figures indicate a recent rapid decline in economic activity, and said the
government will closely look at Japan's October-December gross domestic product
data due out Feb. 16.
Hirokata Kusaba, a senior economist at the Mizuho Research Institute, said the
current account surplus posted a significant fall in 2008 as the world economic
slump seriously hit Japanese exports and eroded income gains from overseas
investment.
''At least in the first half of 2009, Japan's exports will continue to face
serious conditions and the nation's financial returns are also expected to
decline due to the sharp appreciation of the yen, slumping performance of
Japanese firms' overseas subsidiaries and falls in corporate bond prices,'' he
said.
Kusaba projected that Japan may soon see its current account balance sink into
the red as the world economy is unlikely to pick up in the near future.
In 2008, the surplus in merchandise trade shed 67.3 percent to 4,033.8 billion
yen, registering the biggest decline on record.
Exports slid 3.0 percent to 77,352.2 billion yen, the first decline in seven
years, as the global economic downturn reduced demand for such Japanese
products as vehicles and semiconductors.
Imports gained 8.8 percent to a record 73,318.4 billion yen, up for the sixth
straight year, on surges in crude oil imports that peaked in the summer.
The balance of services logged a deficit of 2,236.5 billion yen, down 10.4
percent. Deficits narrowed in the tourism and transport sectors, as soaring
fuel surcharges discouraged Japanese from traveling overseas and the nation's
cargo transporters received more fees.
The income account, covering income from Japanese investment in foreign
securities and payments by foreign employers in Japan, saw a 3.0 percent fall
in its surplus to 15,832.4 billion yen, with falls in income from dividend
payments and interest on bonds.
In December alone, the balance of trade in goods and services posted a deficit
of 519.6 billion yen, staying in the red for the third straight month.
The merchandise trade balance saw a deficit of 197.9 billion yen for the second
consecutive month of red ink as the speed of decline in exports outpaced that
in imports.
Exports fell at the record fastest pace of 35.1 percent to 4,592.0 billion yen,
down for the third month in a row, while imports decreased 21.2 percent to
4,789.8 billion yen, down for the second straight month.
The deficit in services trade expanded 3.8 percent to 321.7 billion yen, with
deficits expanding in the transport sector.
The income surplus decreased 27.8 percent for the third consecutive month of
decline to 724.2 billion yen, as the yen's strength and the deteriorating
performance of overseas firms reduced dividend payments and interest on bonds.
The current account balance is the difference between a country's income from
foreign sources and foreign obligations payable, excluding net capital
investment.
==Kyodo
2009-02-09 20:56:10
