The nation's current account surplus shrank 28.2 percent in January from a year earlier to 774.9 billion yen for the first contraction in two months, the Finance Ministry said Monday.
The fall stemmed from larger growth in imports than exports, with higher prices of crude oil inflating the value of imports, the ministry said. The margin of service deficits also widened.
The balance of trade in goods and services posted a deficit of 34.5 billion yen, turning around from a surplus of 311 billion yen a year before for the first year-on-year decrease in 24 months, the ministry said in a preliminary report.