Jibun Bank Services PMI
The Services Purchasing Managers Index (PMI), released on a monthly basis by Jibun Bank and S&P Global, is a leading indicator gauging business activity in Japan’s services sector. As the services sector dominates a large part of total GDP, the services PMI is an important indicator of the overall economic conditions in Japan. The data is derived from surveys of senior executives at private-sector companies from the services sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), employment and inflation. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the Japanese Yen (JPY). Meanwhile, a reading below 50 signals that activity among service providers is generally declining, which is seen as bearish for JPY.