Japan's current account surplus in 2013 is at its lowest since the mid-1980s as trade deficits have soared for three years in a row to a record high. Despite the yen's roughly 20 percent fall against the dollar, growth in the nation's exports remain sluggish, while the weak yen has pushed up the cost of fuel imports, which increased as nuclear power plants went offline after the 2011 Fukushima nuclear crisis.

These trade and current account figures represent structural changes in the Japanese economy, which in the past used to be driven by robust exports. Large trade deficits and shrinking current account surpluses appear to be the trend for years to come and the government needs policy responses, including a review of the nation's growth strategy, as well as speeding up fiscal reconstruction to brace for the possibility of Japan posting current account deficits on a long-term basis.

The surplus in the current account — the broadest measure of the country's trade with the rest of the world including trade in goods and services, tourism and returns on foreign investment — stood at ¥3.06 trillion in 2013, a decline of more than 30 percent from the previous year. A 9 percent gain in exports was overwhelmed by a 15 percent surge in imports.