The au Jibun Bank Japan Manufacturing PMI increased to 49.5 in August 2024 from a four-month low of 49.1 in the previous month, compared with market forecasts of 49.8, pointing to the second straight month of contraction in factory activity, due to new orders shrinking further, with foreign sales falling at a stronger rate.
The au Jibun Bank Japan Services PMI increased to 54.0 in August 2024 from a final 53.7 in the prior month, flash data showed, marking the seventh time of expansion in the service sector so far this year and the fastest pace since April, with growth in new orders sustaining amid a rebound in overseas sales.
The au Jibun Flash Bank Japan Composite PMI rose to 53.0 in August 2024 from a final 52.5 in July, pointing to the highest print since May 2023.
Domestically, Bank of Japan Kazuo Ueda will testify before the Japanese parliament on Friday as legislators scrutinize the central bank’s decision to raise interest rates in July. Local inflation figures will also be released tomorrow.
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The Nikkei 225 Index jumped 0.7% to above 38,200 on Thursday, and the Japanese yen traded around 145 per dollar, hovering near its strongest levels in two weeks.
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