Japan BOP Update

Japan's April current account surplus rose to ¥3.9 tn, driven by growth in the trade balance and primary income. However, foreign inbound spending fell for the first time since early 2022, notably due to a sharp decline in Chinese tourists.

Key Takeaways

• 1.Japan's current account surplus reached ¥3.9 tn in April, a 64.9% increase year-on-year.
• 2.Inbound spending by foreign visitors declined by 17.9% yoy in April, the first such decline since early 2022.
• 3.In May, domestic investors were net buyers of foreign bonds (+¥3.1 tn) and net sellers of foreign equities (-¥2.7 tn).

Table of Contents

• Japan: BOP: April Inbound Spending Down YoY for First Time Since Early 2022; Domestic Investors Net Buyers of Foreign Bonds, Net Sellers
• KEY NUMBERS:
• Inbound Spending Down YoY for the First Time Since Early 2022
• Primary Income Surplus Continues to Expand YoY
• Domestic Investors Net Buyers of Foreign Bonds, Net Sellers of Foreign Equities in
• May; Foreign Investors Purchase Japanese Equities and Domestic Bonds
• Disclosure Appendix