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Japan PMI January 2023

Japan: Composite PMI rises into expansionary territory in January

The au Jibun Bank Composite Purchasing Managers’ Index (PMI) rose to 50.8 in January from December’s 49.7. As such, the index rose above the 50.0 no-change mark, signaling an improvement in private sector operating conditions from the previous month.

The manufacturing PMI clocked in at 48.9 in January, unchanged from December. Lastly, the services PMI increased to 52.4 in January (December: 51.1).

As in December, in January the stronger print was driven by the services sector, which was boosted by the recent relaxation of border restrictions and a government program to subsidize domestic travel. Although employment decreased for the first time in a year, output and new orders grew at a faster rate. In contrast, the manufacturing sector continued to drag on the composite PMI, with output and new orders continuing to fall. Looking at prices, both input and output inflation decreased in the manufacturing sector. In the services sector, input inflation increased but output inflation decreased. Finally, business sentiment improved in the manufacturing sector, and decreased in the services sector.

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