Japan's Balance of Payments for 2012

International Department
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International Department: Bank of Japan

No 2013-07-24, Bank of Japan Research Papers from Bank of Japan

Abstract: Japan's current account surplus halved to 4.8 trillion yen in 2012 from 9.6 trillion yen in 2011, mainly due to an increase in the deficit on goods. The capital and financial account shifted to net outflows of 8.2 trillion yen in 2012 from net inflows of 1.2 trillion yen in 2011, mainly because portfolio investment shifted to net outflows due to a decrease in net purchases of Japanese securities by foreign investors (inflows) and an increase in net purchases of foreign securities by Japanese investors (outflows). Reserve assets decreased for the first time in 14 years, falling by 3.1 trillion yen in 2012, compared to an increase of 13.8 trillion yen in 2011. This was mainly because no foreign exchange interventions were conducted and some of the assets were employed in loans to the Japan Bank for International Cooperation, which are not classified as reserve assets.

Date: 2013-07-24
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