3/3, 1:34 AM (Source: TeleTrader)
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Japan's services economy remains in contraction in February

Japan's service sector saw a contraction in business activity and new orders in February, with the resurgence of the coronavirus 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 improving by 0.2 percentage points to stand at 46.3 compared to the figure seen in January, still remaining below the neutral 50.

"Firms were at their most optimistic since January 2018 amid anticipations that the pandemic would recede and trigger a broad economic recovery supported by stronger demand, stable conditions and the Olympic," Economist at IHS Markit Usamah Bhatti said about the data. "As a result, IHS Markit forecasts the Japanese economy will expand by 2.2% in 2021, he added.

Breaking the News / NL