Summary

• The headline S&P Global Japan PMI Composite Output Index slipped from 53.0 at the end of the first quarter to 52.4 in April, according to the ‘flash’ reading.
• Business activity across the service sector rose at only a modest pace that was the slowest in 11 months.
• Signs of the war impacting supply chains and purchasing behaviour were provided by several of the PMI’s sub-indices.

The S&P Global Flash PMI^® for Japan indicated the largest rise in selling prices recorded since comparable data were first available in 2007. Price hikes were often linked to the war in the Middle

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