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Japan industrial production -1.99% m-o-m in Jul-23

- Japan's industrial production declined by 1.99% month-on-month in July 2023, marking the lowest growth since May 2023.
- The industrial sector remains below both the one-year and long-run average, indicating underperformance compared to historical trends.

Japan unemployment rate 2.7% (consensus 2.5) in Jul-23

- Japan's unemployment rate in July 2023 increased to 2.7%, reaching its highest level since March 2023.
- The jobs/applications ratio in Japan for July 2023 remained favorable at 1.29, indicating a relatively tight labor market.

Japan PMI services 54.3 in Aug-23

- Japan PMI services reached its highest level since May 2023, standing at 54.3 in August 2023, indicating a significant expansion in the services sector.
- The reading is 0.84 points above the one-year average, signifying a strong recovery and surpassing pre-pandemic levels.

Japan PMI manufacturing 49.7 (consensus 49.5) in Aug-23

- Japan PMI manufacturing for August 2023 records a marginal increase to 49.7, the highest level since June 2023, indicating a slower pace of contraction in the manufacturing sector.
- The PMI is slightly above the one-year average but still indicates ongoing challenges and the need for caution in assessing the sector's recovery.