Japan Tertiary Industry Index October +0.9% m/m
- beats expected of +0.2% & prior +0.3%
USD/JPY has hit a new session low around 151.21.
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The Japan Tertiary Industry Index measures monthly changes in output across Japan’s service sector, which accounts for roughly 70% of the economy.
Compiled by the Ministry of Economy, Trade and Industry (METI), the index tracks activity in industries such as wholesale and retail trade, transport, information and communications, finance, real estate, healthcare and personal services. It is designed to capture the volume of services produced rather than prices, making it a useful gauge of real economic activity. Because services dominate domestic demand and employment, the index is closely watched for signals on consumption trends, wage dynamics and inflation pressures.
Persistent strength can reinforce the case for tighter monetary policy, while weakness may point to slowing demand and reduced inflation momentum.
This result is a good 'un, further supporting the BOJ rate hike expectation at this week's meeting (Thursday and Friday).
