Private sector activity in Japan accelerated to its fastest rate in nine months, S&P Global said in its preliminary report on Friday. The Composite Output Index grew by 0.8 points from February to 51.9 in March. The Manufacturing Purchasing Managers’ Index (PMI) increased from 47.7 in February to 48.6 in March, while the Services PMI added 0.2 points to 54.2 in March.
"Central to the upturn was a solid improvement at Japanese service providers. Stronger demand conditions were reported as the sustained government support for the sector continued and held up both activity and new orders, while the lifting of remaining COVID-19 restrictions in mainland China supported service providers further, notably in the form of inbound tourism," said Usamah Bhatti, economist at S&P Global.
