Japan's current account surplus fell sharply in December after a record rise the prior month, finance ministry data showed on Wednesday, highlighting the impact of persistent trade deficits and a weak yen on the country's once-solid balance of payments.
Japan's current account surpluses have long been regarded as a sign of export might and a source of confidence in the safe-haven yen, but the account has occasionally fallen into the red on a monthly basis in recent years partly as a weaker yen has boosted the costs of imports.
Some analysts expect Japan's balance of payments position to improve by the end of this year, as the downward pressure on the yen eases in line with an expected pause to the U.S. Federal Reserve's monetary tightening streak. There is some worry in financial markets that Japan's hefty public debt and a dwindling current account surplus could entrench weakness in the yen over the long run. The yen was down nearly 20% against the dollar last year, mainly weighed down by the Bank of Japan's commitment to its ultra-easy policy even as other central banks including the Fed embarked on aggressive interest rate increases.
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