Businesses have been buoyed by a substantial increase in demand in the service sector, particularly from overseas and inbound tourism.
The final au Jibun Bank Japan Services purchasing managers’ index rose to a seasonally adjusted 55.9 last month from the previous peak of 55.4 in April.
“Firms were buoyed by the easing of the few remaining pandemic restrictions and have noted strong increases in demand, notably from overseas and inbound tourism,” said Usamah Bhatti, economist at S&P Global Market Intelligence. The government has scrapped strict pandemic-related border controls and reclassified Covid-19 to the same level as seasonal flu.
The subindex measuring outstanding business rose at the fastest pace on record as disruptions caused by the pandemic continued to wane.
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