Recent Updates

  • South Africa: CPI (Jun)
  • Saudi Arabia: WPI (Jun)
  • Czech Republic: Business Cycle Survey (Jul)
  • Luxembourg: Industrial Indexes (May)
  • France: France: Construction Survey (Jul)
  • more updates...

Economy in Brief

    Japan Piles Up Reserves As Its Current Account Balance Improves
by Louise Curley April 12, 2004

In February, Japan's current account surplus, on a seasonally adjusted basis, was virtually unchanged from the previous month, but was up by 535.6 million yen from February, 2003.

On a year over year basis, there were increases in the balances of good, services, income and current transfers. The improved current account balance has led to only a relatively moderate appreciation of the yen. Foreign exchange reserves, on the other hand, have skyrocketed. In the first two months of this year, reserves were up over $100 billion and are estimated to be up a further $ 50 billion in March.

(Seasonally adjusted, 
100 million Yen)
Feb 04 Jan 04  Feb 03 M/M
 Chg
Y/Y 
Chg
2003 Mo Ave 2002 Mo Ave 2001 Mo Ave
Current Account Balance 16854 16852 11498 2.0 5356 13303 11824 8886
    Goods Balance 11766 11858 9906 -92 1860 10320 9850 7178
    Services Balance -2824 -3187 -3930 363 1106 -3223 -4395 -4403
    Income Balance 8080 8488 6514 -400 1566 6940 6945 6934
    Current Transfers
       Balance
-168 -306 -992 138 824 -733 -575 -823
                 
Change in Reserves 36200 72486 7303 -36286 28890 17940 4830 4113
Yen/$ exchange rate 109.0 105.97 117.75 -3.03 8.75 107.10 119.90 131.80
close
large image