Japan's service activity slips for first time in 2 years, PMI shows

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TOKYO : Japanese service activity contracted for the first time in nearly two years in June as domestic demand cooled, a private sector survey showed on Wednesday, although business confidence and hiring indicators remained upbeat.

FILE PHOTO: Employees of a seafood restaurant work in their kitchen space at Tsukiji Outer Market in Tokyo, Japan, Feb. 15, 2024. REUTERS/Issei Kato/File Photo

The final au Jibun Bank Service purchasing managers' index slipped to 49.4 in June from 53.8 in May, snapping 21 straight months of expansion, the S&P Global Market Intelligence survey showed. The weak yen, which has fallen more than 12 per cent this year, also propped up overseas demand for Japanese services.

 

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