Japan current account surplus falls

Japan's current account surplus shrank for a third straight month in May, hit by high energy prices and lower returns on portfolio investment, the government said.

Asia's largest economy had a surplus of 2.0 trillion yen ($A19.58 billion) in its current account, the broadest measure of trade in goods and services, down 5.9 per cent from a year earlier, the finance ministry said.

The figure was roughly in line with average market forecasts.

The trade surplus alone rose 6.3 percent to 529.4 billion yen, the first upturn in seven months.

Exports grew 4.2 per cent to 6.50 trillion yen as solid demand from the rest of Asia cushioned the impact of falling shipments to the United States.

Imports rose 4.0 per cent to 5.98 trillion yen on rising oil, coal and other energy prices.

Historically, Japan has run a large surplus in its current account.

Japan's economy was seen recovering from a slump stretching back more than a decade. But now there are worries the recovery is running out of steam due to sluggish consumer spending and a slowing global economy.