Japan's factory activity growth slowed in June as China's strict COVID-19 curbs took a toll on manufacturing demand, even as service sector sentiment hit a nearly nine-year high on the fading pandemic drag.
China's COVID-19 lockdowns have disrupted supply chains, heavily impacting trade-reliant economies such as Japan.
Overall new orders shrank for the first time in nine months due to the deepening pressure on already disrupted supply chains, while output grew at its slowest rate in three months, the survey showed. "Activity at Japanese private sector businesses rose solidly," said Usamah Bhatti, economist at S&P Global Market Intelligence, which compiles the survey.
The au Jibun Bank Flash services PMI Index improved to a seasonally adjusted 54.2 in June from the prior month's 52.6 final. The 50-mark separates contraction from expansion.
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