Japan's current-account surplus shrank by nearly a half in 2022.

Much of the decline was due to a large trade deficit, as soaring energy prices and a rapid weakening of the yen made imports more expensive.

Preliminary data from the Finance Ministry show the current-account surplus came in at 11.4 trillion yen, or about 87 billion dollars. That was down 47 percent in yen terms from 2021, marking the largest such decline on record.

The account is a key gauge of Japan's trade and investment with the rest of the world.

The trade balance turned in a deficit of 15.7 trillion yen, or about 120 billion dollars. Higher import costs of crude oil, coal, and liquefied natural gas weighed on the account.

The primary-income account records interest and dividends from investments in overseas securities. Its surplus grew from a year ago to 35.3 trillion yen, or almost 270 billion dollars, the largest on record.

Subsidiaries of Japanese trading houses raked in higher revenues from the surge in prices of energy and natural resources.