Japan’s Services Sector Grows at a Faster Pace in June, Supports Economic Growth
Arslan Butt•Wednesday, July 3, 2019•1 min read
Japan’s services sector continued to grow in June, and at a slightly faster pace, driven by rising domestic demand. The services PMI for Japan released by Jibun Bank climbed to 51.9 from 51.7 in May.
The reading continued to remain above the 50-threshold, indicating an expansion, for the 33rd consecutive month. Even though sales to overseas clients declined, domestic demand stayed strong, helping the figure continue to rise higher.
Amid falling exports driven by the US-China trade war, a strong services sector can offset some pressure on the Japanese economy. Combined readings for services and factory activity reveal that the Japanese economy grew 0.2% YoY in Q2 2019.
On Wednesday, USD/JPY is trading lower at 107.634, at the time of writing.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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