Japan logs $11.97bn current account surplus in February

Japan posted a current account surplus of 1,440.1 billion yen (about 11.97 billion U.S. dollars) in February, marking the eighth consecutive monthly rise, government data showed Wednesday.
The current account surplus was the largest since September 2011, the Finance Ministry said in a preliminary report, suggesting the sharp depreciation of the yen and a downturn in global crude oil prices are the main reasons.
In the reporting period, exports was up 0.4 percent from a year earlier to 5,958.8 billion yen on the back of robust car shipments, but imports dropped 6.2 percent to 6,102.0 billion yen, shrinking the goods trade deficit to 143.1 billion yen.
The surplus in the primary income account jumped 27.5 percent to 1,862.2 billion yen, with a weaker yen helping raise receipts from overseas securities investment.
The travel balance of payments marked a surplus of 63.3 billion yen, as the number of foreign travelers arriving in Japan soared 57.6 percent from a year before in February to 1.39 million, the largest ever.
The services sector, including passenger transportation and cargo shipping, registered a deficit of 108.7 billion yen.