Japan net external assets hit record high, remains world's top creditor
Business
Weak yen and rise in direct investment overseas help posting 51tr yen increase in 2023
- Total stood at 471.3tr yen followed by Germany 454tr yen and China 412.7tr yen
- Japanese current account surplus jumps to 21.4tr yen
TOKYO (Reuters) – Japan's net external assets rose to a record 471.3 trillion yen ($3tr) in 2023, increasing for a sixth straight year, as a weak yen and overseas corporate acquisitions boosted the value of its foreign assets, the Ministry of Finance said on Tuesday.
As a result, Japan retained its position as the world's top creditor, followed by Germany with 454.8tr yen of net external assets and China with 412.7tr yen as of the end of 2023, according to the ministry.
A weak yen, coupled with a rise in direct investment overseas, helped Japan post a 51 trillion yen annual increase in the value of net external assets held by the Japanese government, businesses and individuals.
Gross external assets stood at 1,488 trillion yen and external debt came to 1,017 trillion yen.
The ministry also released revised Japan's current account balance data. For the whole of 2023, Japan logged a current account surplus of 21.4 trillion yen, versus the preliminary 20.6 trillion yen surplus.
