Since 1997,Japan’s gross saving rate has fallen from 30.9 to an estimated 26.8 percent of GDP in 2005 (that is, by 4.1 percent of GDP), whereas its investment rate has fallen from 28.7 to an estimated 23.2 of GDP (that is, by 5.5 percent of GDP) .implying a 1.4 percent rise in the external surplus over those same years.