ChainCatcher news, according to Jinshi data, the latest PMI data from Japan supports Caixin Macro's view that the Bank of Japan may raise interest rates early.
Japan's comprehensive PMI in June rose to a four-month high of 51.4. Manufacturing and service sector PMIs both increased slightly in June. Caixin Macro economist Abhijit Surya wrote that the manufacturing output index indicates a re-acceleration of industrial production, while new export orders suggest moderate sales growth. The service sector PMI is far above the historical average, consistent with significant consumer spending growth.
In summary, the Bank of Japan is expected to have reason to raise interest rates in October, rather than in early next year as many anticipated.
