Macro Monday Japan:Balance of payments

The current account comprises the goods, services and income balances (netpayments on assets, eg, bond interest payments). Asset movements are thecapital account. Inbound tourism is an export of services.

    As shown below, Japan’s goods trade balance is returning to its pre-March 2011triple-disaster (earthquake, tsunami, Fukushima) level. The current accountsurplus is exceeding its 2010 highs as the service/income balance expands.