Japan June Services PMI 49.4, first contraction for nearly two yearsflash 49.8, prior 53.8Composite 49.7flash was 50.0 prior 52.6 Earlier:Japan final manufacturing PMI for June 50.0 (prior 50.4)Commentary from the report:The Japanese service sector's recent strong upturn in business activity ended abruptly in JuneBusiness Activity Index fell by 4.4 points during the month, the largest downward movement since January 2022 and among the biggest on recordLooking beyond the headline figure, the picture is less concerning. Although the new business index also fell steeply since May, it merely signalled a pause in new business growth as opposed to an outright decline in demand. This was partly
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