Japan's current-account surplus was ¥7.86tn in April to June 2026, against ¥6.77tn in the same quarter of 2025, according to the regional breakdown the Ministry of Finance and Bank of Japan released on November 10. The split by partner shows the gain came from North America, while the surplus with Asia shrank. For the monthly picture, see Earlier Tokyo Brief coverage.
The US up, Asia down
The surplus with the United States rose to ¥4.08tn from ¥3.12tn, and North America as a whole reached ¥4.37tn from ¥3.24tn. The goods balance with the US was little changed, at about ¥2.17tn against ¥2.27tn. The combined goods and services balance with the US rose to ¥1.78tn from ¥1.23tn, and the services deficit with the US narrowed.
The Asia surplus fell to ¥2.67tn from ¥4.57tn. Asia's goods balance with Japan moved from a surplus of ¥1.02tn for Japan in the 2025 quarter to a small deficit of ¥5.8bn, as imports from the region reached ¥15.18tn against exports of ¥15.18tn. Japan's goods and services surplus with Asia dropped to ¥552.3bn from ¥1.91tn. The source defines Asia broadly, including China, Hong Kong, Taiwan, South Korea, ASEAN members and India. Europe's surplus rose to ¥1.65tn from ¥1.23tn.
| Region | 2025 quarter (¥tn) | 2026 quarter (¥tn) |
|---|---|---|
| Total | 6.77 | 7.86 |
| Asia | 4.57 | 2.67 |
| North America | 3.24 | 4.37 |
| United States | 3.12 | 4.08 |
| Europe | 1.23 | 1.65 |
What moved in the total
Goods flipped from a ¥30.5bn deficit to a ¥205.5bn surplus, on exports of ¥29.95tn and imports of ¥29.74tn, against ¥26.04tn and ¥26.07tn a year earlier. The services deficit roughly halved, to ¥334.6bn from ¥755.6bn. Primary income, the largest component, fell to ¥8.70tn from ¥9.07tn. Primary income covers compensation of employees and investment income, and it continues to carry the surplus.
The release is a set of tables and carries no commentary, so it gives no explanation for the shifts by region. Totals may not add because of rounding, the source notes, and the Bank of Japan compiles the statistics under delegation from the finance minister.