03.07.24
Japan final services PMI posted the negative result of 49.4 (below 50 indicates contraction) in June, revising down initial reading of 49.8. It is the first negative reading in 2 years, as demand decreases.
Figures are especially discouraging as service activity have remained a bright spot in Japan’s economy, while manufacturing lagged behind and still does.
Data complicates taking decisions by BOJ about tightening policy on the next meeting in July, where the changes to bond purchasing program have been announced.