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Thursday, 13th January 2011
In General Japan News,

Japan's current account surplus narrows

Japan's current account surplus fell for the first time in three months following import growth in November.

The ministry of finance revealed that the gap closed by 15.7 per cent to total 926.2 billion yen compared to the same period 12 months earlier.

According to economists, the latest figures show that it is likely that Japan's gross domestic product fell in the last quarter of 2010, with export growth continuing to be undermined by the strong yen on international markets.

"Japan needs a bit more time to regain momentum," Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo, told Bloomberg News.

He added: "The recovery in exports isn't strong enough to lead the economy yet."

The figures showed that exports increased by 9.3 per cent, with imports climbing by 15.7 per cent.

Meanwhile, Japan has confirmed that it is to more euro bond purchases to help support the region's recovery.

Written by Susan Ballion.