TOKYO - Japanese services sector activity expanded in February as new business grew at the fastest pace in almost six years, a business survey showed on Tuesday, a sign that domestic demand remains in good health in early 2019.The Markit/Nikkei Japan Services Purchasing Managers’ Index rose to a seasonally adjusted 52.3 in February from 51.6 in January.
“Japan’s service sector remained resilient in February, contrasting to the struggles the country’s manufacturers have endured so far this quarter,” said Joe Hayes, economist at IHS Markit, which compiles the survey. The index measuring new business increased to 54.5 from 52.1 in January, reaching its highest since May 2013 due to stronger sales, new product launches and an increase in demand from overseas, the survey showed.
In the past eight months, the United States has imposed punitive tariffs on $250 billion worth of imports from China, while Beijing has hit back with tariffs on $110 billion worth of U.S. goods.