Late last week we had this group's manufacturing PMI for Japan in December, which improved to an 8 month high

Services and Composite have both slowed, though both are still in expansion

Commenting on the Japanese Services PMI survey data, Joe Hayes, Economist at IHS Markit:

  • "Positive survey data from the manufacturing sector were not mirrored by Japan's dominant service providing industry in December, where business activity increased at the weakest pace since May if the natural-disaster-hit September is discounted. The survey also pointed to abating demand pressures, as private sector sales increased only mildly on the month.
  • "Nonetheless, composite level data points to a relatively solid pace of expansion over the last three months of 2018, suggesting that the Q4 GDP print should bring a bounce-back in growth."

Little yen response, but this release does not tend to have too much immediate impact.