Japan’s Current Account Surplus Falls

Japan’s June current account surplus fell for the first time since March as overseas demand weakened and imports picked up at home, the government said. The current account surplus--the broadest measure of trade in goods and services--fell a seasonally adjusted 23.3% to $8.23 billion in June, according to the Ministry of Finance. That’s less than the 28.5% slide economists forecast. June’s increase follows April’s 108.4% surge and May’s 25.3% gain. In June, exports fell 10.1%, while imports declined 2.7%. The Finance Ministry said the surplus in merchandise trade alone rose 18.7% in June, to $9.2 billion. The government attributed the recent rises in the surplus to strong exports of automobiles and office machinery, and to the increase in Japan’s consumption tax, which depressed imports.