Japan's current account surplus drops

Japan’s current account surplus drops

Japan's current account surplus contracted 1.5% year on year to Yen 2.12 trillion (approx. $19.6 billion) in February, said Japan's Ministry of Finance. A 20.3% decrease in the trade surplus during the February played a major role in the declining surplus. Exports rose 1.4% in February, but the gain was negligible compared to the 12.6% rise in imports. The shrinking trade surplus is especially worrisome for Japan since exports drive its economic growth. The world's second largest economy suffered a mild recession in the middle of 2004.