Japan posts record low current account surplus
Japan has posted its lowest current account surplus on record.
Japan’s government says the nation’s account surplus for fiscal 2013 was about eight-billion dollars.
That’s a roughly 80-percent decrease from 2012.
The account balance describes a nation’s trade of goods and services with other countries.
Earnings from foreign investments topped 16 trillion yen, a record, and car exports were up.
But it wasn’t enough to offset the rising cost of oil and natural gas imports priced in a weaker yen.
Japan is importing fossil fuels to compensate for its nuclear reactors remaining offline.
As a result, the trade deficit jumped to over 10-trillion yen, bringing Japan’s overall account balance to a record low.