Japan’s current account surplus for fiscal 2016 soared to pre-Lehman shock levels, backed by steady exports to Asia and a fall in crude oil prices.
The results for the April-March period reflect how the Japanese economy is on a steady recovery track thanks to strong external demand.
The surge in the number of foreign tourists to Japan, however, saw the travel balance post a largest-ever 1.28 trillion yen surplus.
The number of visitors to the country grew around 20% in fiscal 2016 compared to the year before.
The figure shows the amount of money foreign tourists spent in Japan eclipsed what Japanese spent abroad.
Finance ministry data showed Thursday that Japan logged a current account surplus of 20.2 trillion yen ($176.9 billion) in the year ended March 31, a 13.1% increase from the previous year and the highest since 2007.
The figure was the third largest ever, and marked the third straight year of growth.
The surplus, which was at around 18 trillion yen in fiscal 2010, sank following the 2011 earthquake and tsunami, falling to around 2 trillion yen in fiscal 2013 as imports of fossil fuels shot up after the suspension of the country’s nuclear power plants.
Japan takes lion’s share in EEC foreign investment
Japanese investors pledged Bt375.907 billion, followed by China Bt67.872 billion, Singapore Bt42.358 billion, US Bt27.908 billion and those from the Cayman Islands at Bt23.169 billion.
Thai DPM Somkid meets with Japanese Chamber of Commerce
Thai government is pushing forward projects such as the Thailand 4.0 development model and the Eastern Economic Corridor without any changes in key policies, reaffirming the coalition government will ensure a unified economic direction through economic ministers meetings.
BANGKOK, 5th August 2019 (NNT) – Deputy Prime Minister Somkid Jatusripitak has given an assurance to JCC Bangkok president, that Thailand is pursuing key policies including Thailand 4.0 and the EEC project, while the JCC president says Japanese investors are more confident with the Thai economy in H2 2019(more…)
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