The index is well above the fifty mark and the flash reading of 54.9. A rating above fifty on the index indicates an expanding economy. Japan’s index has been comfortably above fifty for seven consecutive months.
Tim Moore of the S&P Global Market Intelligence credited an increase in leisure travel during summer for the swift and continued recovery of the Japanese markets.
“There were also many reports citing a boost to sales from the recovery in international tourist arrivals and subsequent improvement in new business from abroad,” he said.
The Japanese authorities have lifted some of the strict Covid restrictions like compulsory vaccination certification in an effort to ease congestion of the airports.
Japan had 1.82 million visitors in March, the highest since the covid restrictions were lifted.
There has been a surge in demand as visitors throng the island nation. Business confidence is soaring due to new orders.
For three months straight employment sub-index has expanded. The expansion has been the fastest witnessed in the last four years.
The composite PMI for services and manufacturing is steady, unchanged at 52.9. The PMI has been above the fifty mark for four consecutive months, another sign that the economy is growing steadily.
