Japan Composite PMI Eases to 4-Month Low

2026-04-23 00:33 By Farida Husna 1 min. read

Japan’s S&P Global Composite PMI fell to 52.4 in April 2026 from a final 53.0 in the prior month, flash data showed.

It was the lowest reading since December despite marking the 13th straight month of private-sector expansion.

Growth was tempered by a slowdown in services activity, which offset the strongest rise in manufacturing output since February 2014.

New business rose modestly, with the pace picking up slightly from March, while foreign demand grew the least in four months.

Employment continued to rise, extending a hiring streak of over 2-1/2 years, but backlogs of works increased for a fifth month.

On prices, input cost inflation hit its highest since January 2023, driven by higher wages, raw materials, fuel, and energy costs, partly linked to Middle East tensions, and a weaker yen.

Output prices rose at a record pace for the series.

Finally, business confidence fell for a second month to its lowest since August 2020, as geopolitical uncertainty weighed on the outlook.



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Japan Composite PMI Eases to 4-Month Low
Japan’s S&P Global Composite PMI fell to 52.4 in April 2026 from a final 53.0 in the prior month, flash data showed. It was the lowest reading since December despite marking the 13th straight month of private-sector expansion. Growth was tempered by a slowdown in services activity, which offset the strongest rise in manufacturing output since February 2014. New business rose modestly, with the pace picking up slightly from March, while foreign demand grew the least in four months. Employment continued to rise, extending a hiring streak of over 2-1/2 years, but backlogs of works increased for a fifth month. On prices, input cost inflation hit its highest since January 2023, driven by higher wages, raw materials, fuel, and energy costs, partly linked to Middle East tensions, and a weaker yen. Output prices rose at a record pace for the series. Finally, business confidence fell for a second month to its lowest since August 2020, as geopolitical uncertainty weighed on the outlook.
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