Japan Posts Record Current Account Surplus
TOKYO (AP) _ Japan registered a record current account surplus of $9.1 billion in September, compared with $7 billion in August, the Finance Ministry said Friday.
Spokesman Takehiko Kondo said the balance of payments resulted from the recent drop in oil prices and from delayed effect of the increased value of the yen. The Japanese currency, which traded at 240 to the dollar last year, is now hovering around 160.
″Next quarter - next month in fact - we do not expect the rate to be so high. We expect it to slow down,″ he said.
The previous record was $8 billion in July.
In addition, the country had a trade surplus in September of $9.8 billion, up from $8.1 billion in August.
The current account balance measures goods, services, and short-term interest dividends, while the foreign trade balance measures goods and services.