TOKYO (AFX-ASIA) - The current account surplus narrowed to 12.1 trln yen in the year to March 2001 from 12.6 trln yen a year earlier due mainly to a fall in the trade surplus as a result of higher oil prices, a ministry of finance official said.
The trade surplus narrowed to 11.6 trln yen from 13.8 trln a year earlier.
Higher oil prices had a wider impact, pushing up the cost of other items such as natural gas, the official said, adding: "It seems that impact of crude oil price was greater than anticipated." Crude oil prices averaged 28.36 usd per a barrel, up 35.6 pct from a year earlier.
The official noted that increased imports from Asia were another feature.
"Imports from Asia are in particular rising. It may reflect some structural change," the official said.
"During the period, Asian products, such as PCs and microchips, came into Japanese markets. It may be due to the improving competitiveness of Asian products in the Japanese market," he added.