Japan services sector dropped into contraction territory in January, the latest survey from Jibun Bank revealed on Thursday with a services PMI score of 47.6. Thats down from 52.1 in December and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction. New business fell back into decline in the latest survey period. The reduction was the first for three months and modest overall. The survey also showed that the composite PMI sank to 49.9 in January from 52.5 in December.
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