Japan’s services sector activity grew at its fastest pace in three months in January, but worsening inflation and employment trends point to challenges ahead, a business survey showed, as policymakers bet on the country’s economic reopening to lift demand.
The subindexes for new orders and demand from overseas customers showed growth for a fifth month, thanks to Japan’s relaxation of border controls, which boosted monthly visitors to the country above one million in December for the first time since February 2020. The pace of overseas demand, however, eased off slightly last month.
On the flip side, the rate of input price inflation rose to a three-month high, while output price growth slowed from the previous month to a five-month low. In the service-sector survey, the subindex for employment posted the first contraction in 12 months as retirements outgrew the new recruits.
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