Japan services sector continued to contract in March, with a services PMI score of 49.4, the latest survey from Jibun Bank revealed on Tuesday. Thats up from 44.2 in February, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. New export orders saw the rate of decline accelerate to the fastest since January 2021 as a result of renewed restrictions across China and uncertainty due to the Russia-Ukraine war. The survey also said its composite index moved into expansion at 50.3 in March, up from 45.8 in February.
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