Japan's service sector activity expanded at a record pace in May, a private-sector survey showed on Monday, thanks to a recovery in overseas demand and a surge of foreign tourists as pandemic restrictions were eased further.
The final au Jibun Bank Japan Services purchasing managers' index rose to a seasonally adjusted 55.9 last month from the previous peak of 55.4 in April.
"Firms were buoyed by the easing of the few remaining pandemic restrictions and have noted strong increases in demand, notably from overseas and inbound tourism," said Usamah Bhatti, economist at S&P Global Market Intelligence. The government has scrapped strict pandemic-related border controls and reclassified COVID-19 to the same level as seasonal flu.to Japan climbed to a post-pandemic high of nearly 2 million in April.
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