Japan's service sector PMI rose to 53.9 in July, while manufacturing sector PMI fell to 49.2.
Japan's service sector rebounded in July, with the PMI reaching a three-month high of 53.9, indicating potential for domestic demand to support economic growth and inflation outside the factory sector. However, the manufacturing sector showed a contraction, with a reading of 49.2, down from 50.0. The contrasting data highlights Japan's uneven economic performance as it aims to recover from contractions in five of the last 11 quarters. The upcoming Bank of Japan meeting will focus on policy and the potential for cutting back on bond purchases.
July 24, 2024
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