April 12th, 2026
EIDE Briefings-knowledge series
ー Structural factors of depreciating Yen
4/12 円高進行の抑制要因（為替受給面）
① The current account is in surplus.
— A substantial surplus in the primary income account.
—> 30 per cent is reinvested in foreign currency without being converted into yen.
= Excluding reinvestment income, the current account surplus narrows significantly.
①経常収支は黒字。
ー第１次所得収支の大幅黒字。
ー＞３０％が外貨のまま円転されず再投資。
＝再投資収益を除くと経常収支黒字は大幅縮小。
② Deficit in the balance of goods and services
— With crude oil prices forecast to remain at high levels, the trade deficit settled in US dollars—a factor contributing to the weak yen—is likely to persist for some time.
— Digitalisation has accelerated in the wake of the COVID-19 pandemic, and increased payments to overseas companies have pushed up the deficit in the balance of services.
②財・サービス収支の赤字
ー原油価格は高値圏にとどまる予測で、円安要因であるドル決済貿易赤字が長期化する可能性。
ーコロナ禍を契機にデジタル化が進展し、海外企業への支払い増加がサービス収支の赤字を押し上げた。
③ An increase in capital outflows to overseas markets following the launch of the new NISA scheme. (Demand for yen selling)
③新NISA開始を受けた海外への資金流出の増加。（円売りニーズ）
④ 80 per cent of foreign exchange reserves consist of US Treasury bonds, and, based on a simple calculation, there have been eight instances of intervention involving these alone.
④外貨準備の80%は米国債であり単独での介入回数は単純計算8回。