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Japan's Balance of Payments for 2009 *1

  • *1This is an English translation of the Japanese original released on March 5, 2010.

June 25, 2010
Bank of Japan
International Department

I. Summary

Japan's current account surplus decreased in 2009 for the second consecutive year to 13.3 trillion yen, down from 16.4 trillion yen in 2008, mainly due to a decrease in the income surplus. The capital and financial account deficit (net outflow) decreased to 12.7 trillion yen in 2009, down from 18.4 trillion yen in 2008. Reserve assets continued to increase, rising by 2.5 trillion yen in 2009 compared to an increase of 3.2 trillion yen in 2008. Balance of payments data for the whole of 2009 and the fourth quarter of 2009 in this report are preliminary unless otherwise stated.

In balance of payments statistics, the following relationship holds true at all times:
Current account + capital and financial account + changes in reserve assets + errors and omissions = 0. Japan's balance of payments for 2009 shows that the current account surplus earned is mirrored by reverse flows abroad in the form of a capital and financial account deficit (outflows) and an increase in reserve assets.

Figure 1: Balance of Payments

Note:"p" denotes preliminary data. The same applies to the remainder of the report.

Table 1: Japan's Balance of Payments

  • Notes:1. Negative figures represent capital outflows. Negative figures in"changes in reserves assets" represent an increase in reserve assets.
  • 2. Figures for portfolio investment and other investment exclude securities lending transactions.

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