Current account surplus smallest ever
Japan received some worrying economic news on Monday.
The nation’s current account surplus for 2013 was the smallest in history.
The current account is the broadest measure of trade in products and services between a country and its foreign partners.
The Ministry of Finance says the 2013 current account surplus was down 31.5% from the previous year to about 30 billion dollars.
Behind the drop was Japan’s largest trade deficit since 1985.
Rising exports of automobiles and other products were outweighed by the increasing cost of crude oil and natural gas imports, as Japan’s nuclear plants remain offline following the Fukushima disaster.
The bright spot was the country’s largest-ever income balance of about 160 billion dollars as rising interest and dividends from foreign investments offset the trade deficit.