Japan’s current account surplus decreased to JPY 2,684.3 billion in July 2025 from JPY 3,319.7 billion in the same month a year earlier, falling short of market forecasts of JPY 3,366 billion. The primary income surplus narrowed to JPY 4,074.6 billion from 4,609.3 billion in the previous year. At the same time, the services account deficit widened to JPY 695.6 billion from 581.4 billion, while the secondary income deficit nearly doubled to JPY 505.4 billion from 248.8 billion. In contrast, the goods account deficit shrank to JPY 189.4 billion from 459.4 billion, as imports (-7.4%) fell faster than exports (-4.9%).