2011年日本的国际收支出现历史性转变,贸易收支和服务收支均为赤字,所得收支成为经常收支盈余的主体。日本海外资产规模已经与其国内生产总值不相上下,海外净资产连续22年据世界首位。日本经济正经历着从“贸易立国”向“投资立国”的战略转型。日本海外资产增速快,净资产多,但是结构不合理。同欧美“枢纽式”海外资产结构相比,“单行道”式的海外资产结构表明日本经济与世界经济融合度还不高、国内创新能力不足。内外经济环境变化、企业行为变化和政府政策从不同角度推动着日本经济的转型,但存在许多不确定的因素。 In 2011, Japan’s balance of payments changed historicly. Its trade and service receipts and expenditures were deficits, and its income and expenditure became the mainstay of its current balance of payments. The size of Japan’s overseas assets has been comparable with its gross domestic product. Its overseas net assets have topped the world for 22 consecutive years. Japan’s economy is experiencing a strategic transition from “establishing a nation based on trade” to “building a nation based on investment”. Japan’s overseas assets grew rapidly with more net assets, but the structure was not reasonable. Compared with the “hub-and-spoke” overseas asset structure in Europe and the United States, the “one-way street” overseas asset structure shows that the degree of integration between the Japanese economy and the world economy is not high and the domestic innovation capability is insufficient. Changes in the economic environment inside and outside the country, changes in corporate behavior and government policies from different angles to promote the transformation of Japan’s economy, but there are many uncertainties.