Japan Posts Smallest Current Account Surplus For Aug. On Record

Japan has posted the smallest current account surplus for August on record. The balance stayed in the black for the second month in a row but a weakening yen weighed on the figure.
Finance Ministry officials released preliminary numbers that show August's current account surplus stood at nearly 60 billion yen, or about 400 million dollars.
The figure is a measure of trade and investment with the rest of the world.
The number was down more than 95 percent from a year ago and was the smallest for the month in yen terms since 1985, when comparable data became available.
Japan posted a trade deficit of over 17 billion dollars.
Soaring crude oil and energy prices weighed on the figure. The rapid depreciation of the yen also increased import costs.
The surplus of primary income that shows interest and dividends from investments in overseas securities stood at roughly 23 billion dollars.
The weaker yen increased the value of dividends from overseas subsidiaries.