Japan’s S&P Global Composite PMI rose to 53.9 in February 2026, slightly above the preliminary estimate of 53.8 and up from 53.1 in January, signaling the fastest expansion in overall private-sector activity since May 2023. The upturn was driven by robust growth in services activity and a notably sharper increase in manufacturing output.
Overall new orders expanded at the strongest pace in 33 months, while new export business grew at the fastest rate in eight years, supported by stronger external demand for manufactured goods. Employment continued to rise at a solid, though slightly slower, rate, and backlogs of work accumulated as workloads increased. Input costs climbed sharply, and selling prices recorded their steepest rise since May 2024 as firms passed higher expenses on to customers.
