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12/3/2020, 1:41 AM (Source: TeleTrader)
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Japan's business activity contracts in November

Japan's service sector saw a contraction in business activity and new orders in November, with the first declining at a softer rate for the third month running, while the drop in new business was the quickest since August, according to a report released by the IHS Markit on Thursday.

The seasonally adjusted figure showed Jibun Bank Japan Services Business Activity Index rising by 0.1 from October's figure, to stand at 47.8 still below the neutral 50.

"The pace of decline was broadly unchanged from October, with the larger service sector recording a sharper fall than manufacturing," Economist at IHS Markit Usamah Bhatti said. "Japanese private sector firms remain confident of a wider recovery over the next year amid hopes that the pandemic will recede and private sector activity will be supported by a broad-based boost in demand stemming from stable business conditions and the Tokyo Olympics," he added.

Breaking the News / NL