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Japan PMI June 2023

Japan: Composite PMI eases in June

The au Jibun Bank Composite Purchasing Managers’ Index (PMI) came in at 52.3 in June, down from May’s 54.3. As such, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.

Meanwhile, the Manufacturing PMI came in at 49.8 in June, down from May’s 50.6. Lastly, the Services PMI decreased to 54.2 in June from May’s record high of 55.9.

In the services sector, output rose at a weaker rate after having grown at the rapidest pace in nearly 10 years last month. New orders and employment also grew at a slower rate. That said, activity in the sector remained robust overall, boosted by international tourism and the loosening of Covid-19 curbs. In the manufacturing sector, output and new orders dipped. New orders from abroad fell at the sharpest rate since February, pointing toward a slowdown in external demand. Looking at prices, input and output inflation fell in both sectors. Finally, business sentiment dimmed in both sectors.

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