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The
result, the 32nd straight month of current account surpluses,
compares with economists' median forecast for a surplus of 2.62
trillion yen in a Reuters poll. This February's current account
surplus was the largest on record for February.
The surplus reflected the trade balance rising as exports picked
up pace after a Lunar New Year slowdown. The trade balance stood
at 1.08 trillion yen in February, rebounding from a deficit of
853.4 billion yen the previous month.
Trade surpluses and currency valuations are in focus as U.S.
President Donald Trump pursues an "America First" campaign in
which he has accused big exporters such China, Germany and Japan
of deliberately weakening their currencies to gain a competitive
advantage.
U.S. Vice President Mike Pence and Japanese Deputy Prime
Minister Taro Aso will hold their first round of economic talks
in Tokyo next week to discuss issues ranging from macroeconomic
policy, infrastructure investment and trade.
Nonetheless, in what appears to be a shift in emphasis, the
Trump administration is touting a new term, "currency
misalignment," because it is seen as more significant than
"manipulation" as a cause of trade deficits.
Income from overseas investment also helped boost the current
account balance. The primary income account in February was 1.98
trillion yen, up from 1.27 trillion yen the previous month.
"It’s difficult to explain this month's current account surplus
with just the (effects from) Lunar New Year," said Hidenobu
Tokuda, senior economist at Mizuho Research Institute.
"The income account is rising, too. There is upward pressure on
current account balance."
(Reporting by Minami Funakoshi; Editing by Eric Meijer)
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