Japan’s current account surplus grew in November for a third straight month as exports picked up and a cooling of world oil prices put the brakes on the import bill, the government stated.

The surplus in the current account, the broadest measure of trade in goods and services, rose 15.1 percent from a year earlier to 1.42 trillion yen (12.5 billion dollars), the finance ministry said.
However, that was below market expectations for a surplus of about 1.51 trillion yen for November.
The trade surplus alone edged up 0.3 percent year-on-year to 703.6 billion yen. Imports rose 16.5 percent to 4.91 trillion yen while exports were up 14.2 percent to 5.62 trillion yen.
“While exports are now enjoying a solid recovery, imports are witnessing a slowdown in the pace of growth due to a peaking out of crude oil prices," said a finance ministry official.
Historically, Japan has run a large surplus in the current account, which measures the flow of goods, services and investment income from overseas.
Japan’s trade balance has been hit by rising energy prices, which have inflated the cost of imports, particularly from the oil-rich Middle East.
At the same time, however, growing exports, especially to China, are helping to underpin a recovery in Japan’s economy – the second largest in the world – after a decade of stagnation. “With exports to China, demand – which had slowed late last year – is now seeing a solid rebound, and with firm demand in the US continuing, Japanese exports are most likely to maintain brisk gains in the near term,” said Taro Saito, an economist at NLI Research Institute.
Analysts said a weakening in the value of the yen against the dollar over the past year should fuel demand for Japanese exports.
Initial figures released last month calculated by different methods showed Japan's trade surplus posted its first rise in eight months in November, confirming a steady economic recovery.
Rising income from overseas assets and a narrowing services account also continued to underpin the current account surplus in November.
The income account posted a surplus of 926.7 billion yen, rising 11.2 percent from a year earlier.