Japan June Services PMI 49.4, first contraction for nearly two years
flash
49.8, prior 53.8
Composite 49.7
flash was 50.0
prior 52.6
Earlier:
Japan final manufacturing PMI for June 50.0 (prior 50.4)
Commentary from the report:
The Japanese service sector’s recent strong upturn
in business activity ended abruptly in JuneBusiness Activity Index fell by 4.4 points during the month,
the largest downward movement since January 2022 and
among the biggest on recordLooking beyond the headline figure, the picture is less
concerning. Although the new business index also fell steeply
since May, it merely signalled a pause in new business
growth as opposed to an outright decline in demand.
This was partly explained by the weak yen continuing to
boost international new business. Moreover, the 12-month
outlook and pace of job creation both remained relatively
strong.
This article was written by Eamonn Sheridan at www.forexlive.com.
