— See Separate Table For Details Of Individual Forecasts
TOKYO (MNI) – Japan is expected to have posted a current account
surplus of Y1.125 trillion in December, up 22.9% on year, the first
y/y rise in two months, according to the median forecast of economists
surveyed by Market News International.
The Ministry of Finance will release the data at 0850 JST on
Tuesday, Feb.8 (2350 GMT Monday).
Yoshimasa Maruyama, economists at Itochu Corp, said, “The current
account surplus in December is expected to have been pushed up mainly by
rises in the trade surplus. ”
Economists forecast that the trade surplus in the current account
data — FOB (free on board) for both exports and imports — will
come to Y785 billion in December 2010, up from Y624 billion in
December 2009.
Japan’s trade surplus on a custom-cleared basis — FOB for exports
and CIF (cost, insurance and freight) for imports — stood at Y727.7
billion, up 34.1% y/y in December, as exports rose 13.0% on year,
surpassing imports’ growth of +10.6%.
The trade surplus in the current account data tends to be larger
than the surplus on a custom-cleared basis as imports in the latter
include various costs.
Exports of automobiles, which have led Japan’s exports for at least
15 years, posted a firm 15.2% y/y gain in December. Also, metal
processing machinery and iron and steel pushed up the December exports.
Also, the surplus in the income account, the largest component of
the current account balance in fiscal 2009, is expected to have stood at
Y560 billion, up from Y478 billion in December 2009.
skodama@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4838 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
