Japan's service sector declines in May

Japan’s services sector activity fell in May from the previous month but remained in expansion territory. Services activity in Japan remained in expansion territory in June amid strong demand conditions in the economy. The final au Jibun Bank Japan Services Purchasing Managers’ Index (PMI) fell to 54 in June from a record high of 55.9 in May. Readings above 50 indicate expansion in the sector, while readings below 50 indicate contraction. “The Japanese services economy signaled that demand conditions remained favorable in June,” S&P Global Market Intelligence Economist Usamah Bhatti said in a statement on Wednesday.