Japan March Services PMI for March 55.0 (prior 54.0)

Japan Jibun / S&P Global Services PMI for March 2023 comes in at 55.0, highest since October 2013.

• preliminary was 54.2
• prior 54.0
• Comment from the report: "The Japanese services economy signalled 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"

Composite is 52.9, the highest in 9 months

• preliminary 51.9
• prior 51.1

Earlier this week we got the final manufacturing PMI for March:

• Japan Jibun / S&P Global Manufacturing PMI March 2023: 49.2 (prior 47.7)

USD/JPY is barely changed. This economic indicator is never really much of a FX mover upon release.