8/4, 2:32 AM (Source: TeleTrader)
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Japan's business activity contracts further in July

Japan's service sector saw a contraction in business activity and new orders in July, with the reinstated coronavirus restrictions causing renewed disruptions to service providers, according to a report released by the IHS Markit on Wednesday.

The seasonally adjusted figure showed Jibun Bank Japan Services Business Activity Index down by 0.6 from the figure seen in June, to stand at 47.4, below the neutral 50.

"Nonetheless, private sector businesses in Japan reported ongoing optimism regarding the outlook for activity over the coming 12 months," Economist at IHS Markit Usamah Bhatti said. "Firms cited hopes that the impact of the pandemic would subside amid an ever-accelerating vaccine rollout, which would provide a boost to both domestic and external demand."

Breaking the News / NL