According the Balance of Payments (Preliminary) released today (8 March 2023) released by the Japanese Ministry of Finance, Japan's current account turned to a deficit of JPY 1,976.6 billion in January 2023 from a surplus of JPY 33.4 billion in December.
The country's current account deficit in the same period last year was JPY 580.4 billion.
This is also reportedly the island nation's largest current account deficit on record as stubbornly high energy costs weighed on the country's economy, which is heavily reliant on imported fuel and raw materials.
On an annualized basis, Japan's imports grew by 22.3% to JPY 10,004.5 billion in December, significantly surpassing a 3.4% rise in exports to JPY 6,822.7 billion.
Japan also posted a primary income surplus of JPY 2,290.5 billion and a secondary income deficit of 327 billion.
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