Core Insights - Japan's Ministry of Finance reported a current account surplus of 3.4364 trillion yen (approximately 169 billion RMB) for May, marking a 16.5% increase year-on-year and maintaining a surplus for four consecutive months [1][1][1] Trade Balance - The trade balance showed a deficit of 522.3 billion yen, with exports declining by 1.4% to 8.0344 trillion yen and imports decreasing by 7.5% to 8.5568 trillion yen [1][1][1]

随着人民币弱势调整接近尾声，民间对外净资产格局的可持续性事关我国能否迈向成熟的对外净债权国。 从国际经验看，经常项目顺差国通常是对外净资产（即对外金融资产大于负债），也被称为对外净债权 国。我国经常项目是结构性顺差，国家对外净资产但民间对外净负债，且投资收益差额长期为负，因此一 直被称作非成熟的对外净债权国。 最新数据显示，截至2025年一季度末，我国对外净资产（即对外净头寸为正）36124亿美元，其中剔除储 备资产的民间对外净资产785亿美元，上年末为对外净负债1598亿美元（即对外净头寸为负）。这是自 2004年有国际投资头寸表（IIP，即国际收支存量）数据以来，我国民间对外净头寸首次转正。这部分反 映了2022年以来，人民币汇率弱势调整引发的民间资产美元化、负债本币化的财务操作。然而，随着人民 币弱势调整接近尾声，民间对外净资产格局的可持续性事关我国能否迈向成熟的对外净债权国。 民间对外净头寸逐渐由负转正 我国民间对外净头寸变化可以2015年"8·11"汇改为界。"8·11"汇改之前（2004年底至2015年二季度末）， 民间对外净负债震荡上行，由3778亿增至23732亿美元，对外净头寸负值创下历史纪 ...

Core Viewpoint - The Ministry of Finance of Japan announced on May 12 that the preliminary value of the international balance of payments for the fiscal year 2024 shows a record high current account surplus of 30.3771 trillion yen [1] Group 1 - The current account surplus reflects the status of transactions related to goods, services, and investments with overseas entities [1]

Group 1: Current Account and Trade Balance - The current account surplus increased by 61% year-on-year to $423.9 billion, accounting for 2.2% of GDP, remaining within the internationally recognized range[3] - The goods trade surplus reached a historical high of $768 billion, contributing 108% to the increase in the current account surplus[4] - Service trade deficit grew by 10% year-on-year to $229 billion, primarily driven by a 25% increase in travel service spending[5] Group 2: Capital Account and Investment Trends - The capital account deficit rose by 88% year-on-year to $486.2 billion, marking the third highest deficit since 2015[11] - Net outflow of domestic investment increased by 81% to $483.8 billion, with significant contributions from other investments and securities investments[13] - Foreign direct investment net inflow decreased to $18.6 billion, the lowest since 1993, indicating a shift in investment patterns[19] Group 3: Foreign Exchange Reserves and Market Impact - Foreign exchange reserves decreased by $35.6 billion due to short-term capital outflow pressures, marking the fourth annual net decrease since 1994[24] - The basic international balance of payments surplus increased from $89.1 billion to $270.2 billion, while short-term capital deficit rose to $332.5 billion[24] - The net foreign asset position reached $3.2958 trillion, with a significant improvement in the private sector's net foreign liabilities, which fell to $159.8 billion[29]