Japan¡¯s current account surplus for fiscal 2013 that ended in March fell by more than ?3 trillion from the previous year to ?789.9 billion ¡ª the lowest since comparable data became available in 1985. It marks a steep fall from the peak of ?24.3 trillion just six years ago.
The figures point to a clear transformation in the way the nation earns money from overseas. The old export-driven model of economic growth is over, and the nation needs a new model that will keep and create jobs at home.
Behind the steep fall in the current account surplus ¡ª the broadest measure of the nation¡¯s international trade ¡ª is the sharp increase in the trade deficit, which hit a record ?10.86 trillion. The nation barely managed to avoid a current account deficit for the year as surplus in the primary income account, which shows Japan¡¯s earnings from its foreign investments, rose 14 percent to a record ?16.6 trillion.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.