Service Sector Shows Promising Growth

In a surprising turn of events, Japan's service sector witnessed a significant improvement in April. The Jibun Bank Japan Services Business Activity Index soared to 52.4, surpassing expectations and marking a notable increase from the previous month's neutral stance of 50.0.

Offsetting Industrial Decline

According to a report by S&P Global, this fresh surge in service sector activity has effectively counterbalanced the ongoing decline in factory production. "The latest PMI data indicates a pivotal shift, with service sector growth lifting overall private sector output back into expansion territory," remarked Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence.