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 USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term is barely changed. This economic indicator is never really much of a FX mover upon release.