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The balance of payments of Japan in fiscal 1973 showed the following trend:
As a result of the sky-rocketing price rise of imported goods based on the shifting
to the floating rate and on the progress of worldwide inflation, the balance
of trade fell into the red; and because the long-term capital balance showed
a great excess of outnows, the balance of current account registered US$3,900
million in the red and the overall balance sustained a deficit of US$13,400
million, thereby lowering the gold and foreign exchange reserves by US$5,700
million.
Out of the above, the balance of payments concerning transportation sustained
a deficit of US$3,220 million, resulting in an increase of deficit by us$1,560
million compared with the previous fiscal year, as shown in Fig.
29.
Out of the above, the balance of payments concerning marine transport showed
a deficit of US$l,710 million due to an increase in charterage paid to foreign
flag ships as a result of soaring business condition of marine transport; and
the travel balance registered a deficit of US$1,170 million due to an increase
in the number of Japanese travellers who went abroad.
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