October 03, 2024 at 01:40AM
Services 53.1 (prior was 53.7)
Composite 52.0 (prior 52.9)
Preliminary is here:
Japan Jibun preliminary Sep PMIs: Manufacturing 49.6 (prior 49.8) Services 53.9 (53.7)
The key points from the report:
Business activity and new order growth sustained
Outstanding business rises for second time in three
months
Confidence remains strong but eases to 20-month low
In summary from the commentary to the report:
The Japanese service sector maintained strong performance at the end of Q3 2024, with only a slight slowdown in activity and new business growth, averaging 53.5, similar to Q1 (53.4), indicating steady growth.
Companies remained optimistic, with rising outstanding business leading to workforce expansion.
The service sector continued to support overall private sector growth, despite a slight dip in manufacturing output.
However, aggregate new business growth slowed in September, and backlogs of work declined for the fifth consecutive month, influenced by the manufacturing sector’s weakness.
The sector’s response to risks like a stagnating economy will be crucial for the broader private sector’s performance.
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Meanwhile USD/JPY is climbing again. I imagine it won’t be too long until there intervention type comments out of Japan.
USD/JPY hitting a one-month high
This article was written by Eamonn Sheridan at www.forexlive.com.