FX.co ★ Japan Services PMI Revised Slightly Higher

Japan's S&P Global Services PMI climbed to 53.2 in November 2025, slightly exceeding the preliminary figure of 52.1, which marks the eighth consecutive month of growth. This expansion was bolstered by the first increase in new orders in three months, although export demand declined for a fifth straight month. Employment saw further growth, achieving its strongest level of job creation in ten months. This rise in staffing alleviated capacity pressures, with backlogs increasing at the slowest rate in six months. Nonetheless, unfinished work has been accumulating since March. In terms of pricing, input costs escalated at the fastest rate in half a year, propelled by higher expenditures on staff, energy, and construction. Output charges also rose, although the growth rate slowed compared to October, while remaining robust. Looking forward, business confidence reached its peak since January, surpassing the long-term average, driven by stronger demand, planned expansions, and upcoming events.