Significant Growth in Japan's Service Sector

In an encouraging development for Japan's economy, the service sector witnessed a notable improvement in February. According to a recent report by S&P Global, the Jibun Bank Japan Services Business Activity Index climbed to 53.7, indicating a robust expansion from the previous month's figure of 53.0.

Driving Factors Behind the Growth

"The Japanese service sector's performance saw further enhancement in February, with businesses experiencing the most significant activity expansion since September of the previous year. This growth was frequently linked to increased sales volumes, bolstered by a notable rise in new export business," explained Usamah Bhatti, an economist at S&P Global Market Intelligence, in the report.