Japan Posts Current Account Surplus in November

For the 17th straight months, Japan posted another current account surplus in November, providing support for Prime Minister Shinzo Abe’s efforts to boost the world’s third largest economy.

A total of 1.14 trillion yen ($9.7 billion) adjusted current account was posted in November, gaining additional 699.2 billion yen from 440.2 billion yen recorded a year ago, the Financial Minister said on Tuesday in Tokyo.

Economists surveyed by Bloomberg earlier forecast 895 billion yen following the 1,458.4 billion yen surplus in October.

The trade balance showed a deficit of 271.5 billion yen versus expected deficit of 158.7 billion yen following the 200.2 billion yen surplus in the previous month.

Exports were down 6.3% on year to 5.923 trillion yen, while imports skidded an annual 10.9% to 6.194 trillion yen.

However, Japanese yen continue to gain against the greenback after investors dumped US dollar for the third largest economy’s currency, citing low room for growth.

Currently yen is trading at 5 months high against the US dollar.