As the depreciation of the yen and growing demand for energy drove up import costs, the nation's current account surplus in August plunged 63.7 percent from a year earlier to ¥161.5 billion, government data showed Tuesday.
The balance of international payments, one of the widest gauges of trade for a country, logged a surplus for the seventh straight month, but it was smaller than the ¥577.3 billion surplus in July, the Finance Ministry said in a preliminary report.
The goods trade balance posted a deficit of ¥885.9 billion in August, as imports grew 16.4 percent from a year earlier to ¥6.413 trillion against a backdrop of rising imports of crude oil, while exports climbed 14.1 percent to ¥5.527 trillion. The income account, which reflects how much Japan earns from its foreign investments, fell for the first time in nine months, down 10.0 percent from a year earlier, but still stood at a surplus of ¥1.253 trillion and offset the trade deficit.