Japan’s services sector continued to expand in March, according to a private survey conducted by the au Jibun Bank, and the economy also saw an increase in new business volumes during the month, which was the highest rate since February 2019.
The country’s purchasing managers’ index for services increased to 55 from 54 in February, marking the seventh consecutive month of expansion.
The expansion was the strongest since 2013 and the second-strongest in the survey’s history.
Business activity, new business, and export orders in Japan “accelerated on the month to reach among the highest in their respective series histories,” according to the report, which also noted that input inflation dropped to a 12-month low.
Au Jibun bank further stated that businesses were “increasingly optimistic” about their prospects for activity in the future year.