Japan's service sector grows at record pace

Japan’s services sector activity expanded at a record pace in April. Au Jibun Bank’s services sector purchasing managers’ index (PMI) came in at 55.4 in April, above March’s 54.9. The expansion marked the fifth consecutive month. Readings above 50 indicate expansion in the sector, while readings below 50 indicate contraction. Japan’s composite PMI, which combines manufacturing and services figures, came in unchanged at 52.9 in April. That marked the fastest pace of growth since June 2022 and the fourth consecutive month the composite PMI has remained above the 50 mark.