According to the preliminary balance of payments figures for the first half of 2026 released by the Ministry of Finance, the current account posted a surplus of ¥17.4292 trillion, the largest surplus on record for a first half. The increase in exports of electronic components, including semiconductors, was a contributing factor.
The current account posted a surplus of ¥17.4292 trillion in the first half of 2026, up 22.5% from the same period a year earlier and the largest surplus on record for a first half. The current account, which reflects transactions in goods and services with overseas counterparts and investment income, improved significantly.
The trade balance, which reflects trade in goods, posted a surplus of ¥742.1 billion, reversing a deficit of ¥1.4636 trillion in the same period a year earlier. Exports of semiconductors and automobiles increased, contributing to the return to surplus. The primary income balance posted a surplus of ¥2.0491 trillion, helped by a decline in interest payments following US interest-rate cuts. The services balance remained in deficit, weighed down by a narrower surplus in the travel balance. Overall, the improvement in the trade and primary income balances was the main factor supporting the current account surplus.
The current account posted a deficit of ¥92.3 billion in June, the first deficit in 17 months. Factors behind the deficit included a widening trade deficit as the value of crude oil imports increased, as well as a concentration of dividend payments by Japanese companies to overseas shareholders.