Japan’s current account surplus hits pre subprime mortgage crisis
The results for the April-March period reflect how the Japanese economy is on a steady recovery track thanks to strong external demand.
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.
Source: Japan 2016 current account surplus hits pre-Lehman levels- Nikkei Asian Review
Currencies
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000 tourist arrivals as of May 2021, compared with over 39 million in 2019, before the pandemic. Fewer tourists also means lower demand for the Thai baht.
The Thai baht has been hit by a sharp decline in tourism numbers due to the COVID pandemic, making the country’s currency the worst-hit in the region this year, according to Mizuho Bank.
(more…)
Economics
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.
Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.
(more…)
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000...
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...