Japan’s current account surplus narrowed to the lowest level in five years in June as exports took a hit due to the coronavirus-induced destruction of global demand conditions.
The current account surplus was JPY 167.5 billion ($1.58 billion), the smallest monthly surplus since January 2015, a finance ministry official said on Tuesday, according to Reuters.
While the actual figure bettered the median forecast for a JPY 110 billion surplus, it marked a significant deterioration from a JPY 1.177 trillion surplus in May. The current account has posted monthly surpluses for six straight years.
Exports plunged 25.7% in June from a year ago, having declined by 28.9% in May, while imports dropped an annual 14.4%, following a 27.7% annual fall in May.
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