(RTTNews) - The unadjusted current account surplus in Japan grew by 45.7 percent annually in October, according to data released Wednesday by the Finance Ministry, marking the 10th straight month of expansion. Ahead of seasonal adjustment, the October surplus grew to a record 2.229 trillion yen on strong exports to Europe and Asia - handily beating analyst forecasts of 2.071 trillion yen. The data also reflected a goods and services surplus of 922.3 billion yen - up 113.5 percent on year from 432 billion yen in 2006. Also, Japan's October trade surplus was 1.158 trillion yen, up 52.3 percent on year. Exports were up 13.7 percent to 7.11 trillion yen, while imports jumped 8.3 percent to 5.95 trillion yen. Exports to the European Union increased by 23.7 percent, while Asian exports were up 12.6 percent and shipments to the U.S. were down modestly by 1.5 percent. On a sectoral basis, the export of vehicles climbed 21.3 percent, while automotive parts exports soared by 113.5 percent. In other Japanese data released Wednesday:• The income account surplus climbed to 1.392 trillion yen from 1.185 trillion yen.• The services account deficit narrowed from 328.4 billion yen to 236.0 billion yen, thanks to an increase in the number of foreigners visiting Japan.• The capital and financial account saw an outflow of 1.25 trillion yen compared to an outflow of 1.07 trillion yen in the same period of 2006.• Corporate goods prices in Japan rose 2.3 percent in November compared to the same period last year, according to the Bank of Japan. The increase was larger than the 2 percent growth forecast by most economic analysts. The bank said the CGPI is likely to maintain its upward trend, although this will be subject to future developments in prices of crude oil and other commodities, as well as foreign exchange rates.
December 11, 2007 10:26 PM