Japan’s current account surplus decreased to JPY 1,348.2 billion in June 2025 from JPY 1,763.5 billion in the same month a year earlier, missing market expectations of a JPY 1,480 billion surplus and marking the lowest level since January. The decline was driven by a narrower goods surplus of JPY 469.6 billion, down from JPY 580.5 billion in the previous year, as exports dropped 2.4% year-on-year, outpacing a 1.3% fall in imports. Meanwhile, the primary income surplus slipped to JPY 1,500.7 billion from JPY 1,660.4 billion. The secondary income deficit widened sharply to JPY 468.6 billion from JPY 138.4 billion. On the other hand, the services account deficit narrowed substantially to JPY 154.2 billion from JPY 339.0 billion.