(Research Paper) Japan's Balance of Payments for 2011

Japan's Balance of Payments for 2011^*

^* This is an English translation of the Japanese original released on April 20, 2012.

July 10, 2012
Bank of Japan
International Department

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Summary

Japan's current account surplus decreased to 9.6 trillion yen in 2011, down from 17.9 trillion yen in 2010, mainly because the balance on goods turned to a deficit. The capital and financial account shifted to net inflows of 6.3 trillion yen in 2011 from net outflows of 12.0 trillion yen in 2010, registering net inflows for the first time in seven years due to a decrease in net purchases of foreign securities by Japanese investors (outflows) and an increase in net purchases of Japanese securities by foreign investors (inflows) under portfolio investment. Reserve assets continued to increase, rising by 13.8 trillion yen in 2011, compared to an increase of 3.8 trillion yen in 2010, due to foreign exchange interventions and an increase in investment income on reserve assets.

Japan's Balance of Payments

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