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Business activity in the Japanese service sector rose at the most marked rate since January midway through the final quarter of 2016. This was driven by a solid increase in new orders, which rose at a rate little-changed from October’s eight-month high.
The headline seasonally adjusted Nikkei Business Activity Index posted at 51.8 in November, up from 50.5 in October, signalling a sharper expansion in output at Japanese services firms. In fact, the latest reading was the highest since January and greater than the average over 2016 so far, data released by IHS Markit showed Monday.
Forecasts towards business activity over the coming 12 months remained positive in November, with business sentiment little-changed from October’s six-month record. Despite the improvement in activity, firms cut back on payroll numbers. That said, the rate of job shedding was only marginal.
Finally, expectations of greater demand from preparations in hosting the 2020 Olympic Tokyo Games and an improved economy were some of the reasons behind positive business sentiment.
Meanwhile, USD/JPY currency pair is bearish at 113.46, down 0.05 percent, while at 6:00GMT, the FxWirePro's Hourly Yen Strength Index remained neutral at 64.93 (a reading above +75 indicates bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
