Japan’s fiscal-year current account surplus falls

May 10th, 2012 - 2:12 pm ICT by IANS  

Tokyo, May 10 (IANS) Japan’s current account surplus in fiscal 2011 ending in March plunged 52.6 percent on year to mark the sharpest fall since comparable data was collected in fiscal 1985, the government said Thursday.

The surplus in the current account stood at 7.89 trillion yen (about $99 billion) for the recording year, according to a report released by the finance ministry.

For March alone, Japan logged a surplus of 1.58 trillion yen, down 8.6 percent from a year earlier. The surplus reading is widely considered the broadest measure of trade with other countries, reported Xinhua.

The fall was attributed by the government to such factors as slower exports due to March 11 disasters last year, the massive flooding in Thailand and a stronger yen.

In the meantime, the nation’s imports rocketed because of higher oils costs, and expanded appetite for fossil fuel to make up for a power difference in the wake of a disaster-triggered nuclear accident that sparked concerns over the safety of nuclear power.

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