Recent Trends in Japan's Balance of Payments --Findings from the New Balance of Payments Statistics--

Noritaka Fukuma, Kentaro Morishita and Takeshi Nakamura
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Noritaka Fukuma: Bank of Japan
Kentaro Morishita: Bank of Japan
Takeshi Nakamura: Bank of Japan

No 16-E-8, Bank of Japan Review Series from Bank of Japan

Abstract: Looking at long-term trends in the overall structure of Japan's international transactions shown in the balance of payments (BOP) statistics, the two following points related to Japanese firms are noteworthy. First, there has been a shift in exports from goods to services. And second, earnings on the accumulated stock of external assets are playing an increasingly important role as a result of an increase in Japan's outward direct investment in recent years. The new BOP statistics from 2014 onward including figures for direct investment income by region and industry as well as the external debt position (assets/liabilities) by currency make it possible to conduct more detailed analyses of the stock of external assets and liabilities. While Japanese firms make more profits from the stock of external assets, the rate of return on outward direct investment remains relatively low compared to the United States and United Kingdom, and depends heavily on the high rate of return in the manufacturing sector, particularly the transportation equipment industry in Asia.

Date: 2016-07-26
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