Japan's current account surplus narrowed to JPY 2.85 trillion in March 2019 from JPY 3.19 trillion in the same month a year earlier and below market expectations of a JPY 3.16 trillion. The narrower surplus was mainly explained by the goods account, which recorded a JPY 0.70 trillion surplus, down from JPY 1.18 trillion a year ago. Also, the primary account surplus shortened to JPY 2.06 trillion from JPY 2.13 trillion. In contrast, the services surplus widened to JPY 0.35 trillion from JPY 0.23 trillion. The secondary income deficit narrowed to JPY 0.25 trillion from JPY 0.37 trillion. Considering the first three months of the year, the current account surplus widened to JPY 6.13 trillion from JPY 5.93 trillion in the same period of 2018. Current Account in Japan averaged 1138.35 JPY Billion from 1985 until 2019, reaching an all time high of 3360.40 JPY Billion in March of 2007 and a record low of -1456.11 JPY Billion in January of 2014.
Current Account in Japan is expected to be 1170.00 JPY Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Japan to stand at 3080.00 in 12 months time. In the long-term, the Japan Current Account is projected to trend around 440.00 JPY Billion in 2020, according to our econometric models.