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11th of August 2011
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Japan’s current account surplus down 50% in June

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by Kay Mitchell

March’s devastating earthquake and tsunami continues to have a negative impact on Japan’s exports, sending its current account surplus tumbling further.

Official figures from the Ministry of Finance today said the surplus declined 50.2% to 526.9 billion yen (£4.1 billion) in June compared with a year earlier.

In May, the surplus was down 52%.

Exports continue to fall after the catastrophes forced some of Japan’s largest exporters to halt production.

However, the pace of decline has slowed and exports were down 1.1% in June on an annual basis, compared with a 9.8% fall the previous month.

Meanwhile, a strong yen continues to weaken demand for exports. The Japanese currency has risen by as much as 12% against the US dollar in the past 12 months.

Concerned about the strong yen, Tokyo last week intervened in the currency markets in an attempt to weaken the yen.

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News posted: August 8, 2011

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