Japan's service sector performance surprised market expectations in March, according to data released by S&P Global on Wednesday, APA reports citing Teletrader.
The seasonally adjusted figure showed the Jibun Bank Japan Services Business Activity Index landing at 55.0 to stand above the neutral 50 and mark an overall growth in the sector, further improving from the figure of 54.2 seen in February.
"The Japanese services economy signaled a sharp improvement in demand conditions at the end of the first quarter of 2023 as the dissipating impact of the COVID-19 pandemic and stronger customer confidence combined to boost output and orders," Economist at S&P Global Usamah Bhatti said about the data.
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